U.S. Small Business Employment Trends Hold Steady in October
Paychex small business job index flat at 99.21 in October; hourly earnings growth 2.88%, below 3% for 26th month.
What this release says
Paychex's monthly survey of U.S. small businesses with fewer than 50 employees shows job growth held steady in October, with the national jobs index at 99.21 and close to flat versus last month, quarter and year. Hourly earnings growth stayed below three percent for the 26th straight month, and weekly hours worked grew for an eighth consecutive month. For a shareholder, this is a data release about the broader labor market rather than news about Paychex's own results.
Key figures
- National jobs index (October)
- 99.21
- Hourly earnings growth (October)
- 2.88%
- Weekly hours worked growth (October)
- 0.11%
- Weekly earnings growth (October)
- 3.04%
- Three-month annualized earnings growth
- 2.89%
- Paychex customers served
- approximately 840,000
Positive for shareholders
- Weekly hours worked growth has now been positive for eight consecutive months, which the company says signals greater output from existing staff.
- Paychex says job growth at businesses with more than 50 employees was slightly stronger than at the smallest firms.
Negative for shareholders
- Job growth among small businesses has been largely unchanged over the last year, according to the release.
- Three-month annualized earnings growth fell below three percent for the first time since February 2026.
Written by Quantisnow AI from this release. Not financial advice.
Key terms
- Jobs index:
- A Paychex measure of employment levels at small businesses, where a higher reading means more job growth in the period.
- Annualized growth:
- A rate of change over a short period, restated as if it continued for a full year.
FAQ
Did Paychex's small business employment data show any change in October?
The release says job growth among small businesses with fewer than 50 employees held steady in October, with the national jobs index up 0.06 points to 99.21.
Which region and sector led small business job growth in October according to Paychex?
The Midwest topped regions at 99.51, and Education and Health Services remained the top sector at 99.86.
Historical context for PAYX
Across the 27 sessions after earlier PAYX headlines, the stock closed higher 10 times and lower 17 times, with a median move of 1.3% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | PAYX | SPY |
|---|---|---|---|
| Oct 26, 2026 | Paychex Named one of Inc.’s 2026 Power Partners | -2.0% | +0.7% |
| Oct 19, 2026 | Paychex Expands Payroll Tax Support with New Tax Penalty Protection Service | -0.8% | +0.4% |
| Oct 15, 2026 | Paychex Declares Quarterly Dividend | +2.2% | +0.3% |
| Oct 13, 2026 | SixFifty, a Paychex Company, Launches Agentic HR Compliance Specialist | +1.5% | -0.0% |
| Oct 8, 2026 | Paychex Honored as a Workforce Management Technology Leader by NelsonHall | +2.9% | -0.4% |
| Sep 29, 2026 | U.S. Small Business Employment Rate Remains Steady in September | +0.0% | -0.2% |
Keep researching PAYX
- PAYX insider tradesEvery buy and sale reported by Paychex Inc. officers, directors and large holders.
- PAYX earnings historyPast Paychex Inc. earnings releases, newest first.
- PAYX financial statementsRevenue, profit, cash flow and balance sheet from Paychex Inc.'s SEC filings.
- PAYX dividend historyDividends Paychex Inc. has declared, with ex-dates and payment dates.
- Market cap
- 30-day
- Sector
- Industrials
- Industry
- Diversified Commercial Services
- Listed since
- 1983
Follow PAYX and get a push notification the moment its next story breaks.