Payroll

The latest jobs report shattered expectations as the unemployment rate dipped one-tenth of a percentage point to 3.4%, the lowest rate since 1969.

Private sector payrolls grew by 106,000 jobs, even though many companies laid off workers, while annual pay increased 7.3% year-over-year, according to ADP.

Hourly wage growth at small businesses dampened this month, even though the pace of hiring remained strong.

Annual pay rose 7.3% year-over-year, ADP reported, although larger companies actually subtracted jobs.

Hourly earnings growth slowed last month to its weakest level since March of last year.

Modern businesses are looking for more holistic relationships with accountants who can offer increased support.

The accounting sector had the highest overall growth rate for bonuses this year in the professional services space, increasing 9.4%.

Plus, Alight releases a payroll solution; Softrax releases a new revenue management solution; and other news from the world of accounting technology.

The business and accounting software provider expects integrations and acquisitions to be key to its success in the United States.

Small businesses saw little change in their month-over-month hiring rates and hourly earnings growth, but the number of hours worked by employees rose, according to payroll giant Paychex.