Payroll

The unemployment rate dipped one-tenth of a point to 3.5%, the U.S. Bureau of Labor Statistics reported.

Annual pay grew 6.2% year over year, according to payroll processor ADP, which separately added generative AI features to its software.

Earnings growth for small business employees fell below 4% for the first time in more than two years, according to Paychex.

In this week's Vendor Spotlight, we talk to Irana Wasti, chief product officer at payment and bookkeeping solutions provider Bill.

The report marked the slowest month of job creation since the pandemic, although the unemployment rate declined one-tenth of a percentage point to 3.6%.

Job creation surged last month, especially in consumer-facing services.

The rate of hourly pay and hiring growth slackened last month at small businesses, which also had a harder time finding workers.

The payroll and HR technology provider is adding artificial intelligence to its products after hiring the former global head of data science and analytics at Google.

Plus, ForwardAI announces a new real-time payment system; Tipalti adds AI capabilities; Numeric launches an AI 'co-pilot' for accountants; and more news from accounting technology.

The unemployment rate nevertheless rose by 0.3 percentage point to 3.7%, the U.S. Bureau of Labor Statistics reported.