Employment data

The pace of hourly earnings growth and hiring slowed down at small businesses, payroll processor Paychex reported.

The unemployment rate ticked up one-tenth of a point to 3.9% as hiring slowed.

Annual pay increased 5.7% year over year in another sign of continuing strength in the economy despite interest hikes and inflation.

Growth in hourly and weekly pay at small businesses decelerated in October as job growth moderated, payroll provider Paychex reported.

Annual pay grew 5.9% year over year, as both job growth and wage growth slackened in September.

The labor market showed some signs of cooling, with the unemployment rate rising three-tenths of a percentage point to 3.8%.

Annual pay climbed 5.9%, payroll processor ADP reported.

The rate of growth for hiring and hourly earnings stabilized this month, according to Paychex.

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.

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

ADP reported some sectors saw employment declines, including professional and business services and large companies.

Hourly earnings growth for U.S. workers decelerated to 4.33% in May, while small business job growth declined slightly by 0.04% from April, Paychex reported.

The unemployment rate fell one-tenth of a percentage point to 3.4%.

Annual pay also grew 6.7% year-over-year, payroll provider ADP reported.

The pace of hiring, pay and hours worked decelerated last month, according to a report released Tuesday by payroll provider Paychex.