Small Business Jobs Index Rises 0.18 Points to 99.34, Highest of 2026

3 articles · Updated · Rochester Business Journal · Jun 3

Paychex’s small business jobs index climbed to 99.34 in May, marking a third straight monthly gain and the strongest reading of 2026.
Broad-based hiring across industries and regions drove the increase, giving small firms their first three-month stretch of accelerating job growth since February 2023.
Pay growth stayed positive as hourly earnings held at 2.73%, weekly earnings rose for a fifth month to 2.98%, and hours worked increased for a third straight month.
Manufacturing posted the biggest gains across one-, three- and 12-month measures, while Education and Health Services remained the leading sector for job growth.
The May data suggests Main Street hiring is entering the summer with momentum that Paychex said broadly mirrors trends among larger employers.