Illinois trailing national average in small business growth

Illinois trailing national average in small business growth

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Photo of Shepard Price

FIEL - The RiverBend Growth Association has named BRUSH Hair + Makeup as its Small Business of the Month. Pictured from left are Kristen Kanon, Liz Campbell and Jamie McLaughlin. Not pictured are Jessica Grace and Sarah Zimmerman.

FIEL — The RiverBend Growth Association has named BRUSH Hair + Makeup as its Small Business of the Month. Pictured from left are Kristen Kanon, Liz Campbell and Jamie McLaughlin. Not pictured are Jessica Grace and Sarah Zimmerman.

According to a new report, small business employment growth grew 0.26% in June, according to aggregated data of 350,000 businesses. The report shows continued momentum in job growth, as Paychex, a payroll company, reported a growth in small business jobs of 4.53% in the second quarter of 2021. At 98.52, the small business jobs index has trended above 98 since April.

That growth includes hourly earnings growth, going from 2.82% in May to 2.84% in June. That slow growth is also seen in weekly earnings growth over the past two months, in part due to a reduction in weekly hours worked. 


Among the 20 largest states in the country, Missouri led in hourly earnings growth with 4.09%. Missouri was trailed by Massachusetts (3.57%) and California (3.54%). Illinois was rated lowest in hourly earnings growth of the 20 states with just 1.7%. Illinois also rated lowest in weekly earnings growth with just 0.85%. 


“Following a year marked by lower employment rates, there was a notable uptick in small business jobs growth in June and throughout the second quarter,” said Martin Mucci, Paychex president and CEO. “In fact, all four regions of the country experienced an increase in employment last month.”

This report comes on the heels of Illinois small business owners announcing lowered optimism because of the national labor shortage. The National Federation of Independent Business index dipped in May after a record high 48% of owners reported unfilled job openings.

The NFIB index also showed that job creation plans over the next three months rose to a net of 27%, up six points, and owners expecting better business conditions over the next six months fell 11 points to a net negative of 26%

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