The Paychex Small Business Jobs Index rose 0.27 pts to 100.02 in April, reaching its highest 3-month growth rate since February 2023 and showing only a -0.10 pt YoY decline.

• The Midwest led all regions for the 11th straight month at 100.77, gaining 0.81 pts MoM and remaining the only region with YoY growth.
• The West (99.53) stayed below 100 for the 13th month, with no meaningful change MoM, QoQ, or YoY.

• Education and Health Services (101.16) remained the top-performing sector for the 11th month in a row.
• Professional and Business Services jumped 0.82 pts to 100.36, the strongest monthly sector gain.
• Leisure and Hospitality rose 0.78 pts to 98.63 but stayed last among sectors for the third straight month, continuing its post-pandemic slowdown.

Hourly earnings growth slowed to 2.82% YoY in April, the lowest since May 2021, with one-month annualized growth (2.41%) falling below the annual rate for the first time in 2025.

• Weekly earnings growth rose to 2.54% YoY, with 3Mo annualized growth hitting a 2-year high of 3.80%.
• Weekly hours worked remained negative YoY at -0.17%, despite a one-month annualized gain of 2.62%.
• The West led all regions in hourly earnings growth (3.04% YoY) for the 25th consecutive month, while the Northeast ranked last (2.68%) but led in weekly hours worked (0.12% YoY).
• Other Services topped sectors in hourly earnings growth at 3.38%, but weak hours worked (-0.54% YoY) kept weekly earnings under 3% for 11 consecutive months.
• Construction and Manufacturing led sectors in weekly earnings growth at 3.44% YoY; Leisure and Hospitality remained last in hourly earnings (2.16%), its lowest since July 2015.