New York and California lead earnings growth among state, while Texas and Arizona rank among top 3 states in job growth
According to Paychex research, the competitive job market continues to drive wage growth higher.
Employees and small businesses had their weekly earnings grown to 4%, although, the pace of small business employment growth remains consistent – 98% in December.
The research reveals the South remains the leading region for small business employment growth, whereas the Western part continues as the top region for hourly earnings growth. At the same time, Tennessee remains the leader among states in small business job growth, while New York leads in hourly earnings growth at the state level.
At the end of December, weekly earnings reached a record of 4% year-over-year growth, whereas hourly earnings growth closed the year at 3%.