The Paychex Small Business Jobs Index rose to 99.38 in November (+0.11 pts MoM), marking a modest improvement but keeping the national index below the 100 baseline for year-over-year growth.

• The national index has averaged 99.71 so far in 2025, running about -0.5 pts below the 2024 average and indicating slightly softer small business job growth this year.

• The Midwest led regions for the 18th straight month at 99.79, while the Northeast climbed +0.44 pts to 99.75, returning to its level from a year earlier.

• Five of 20 states posted readings above 100, with Indiana topping the list at 101.22 after gaining +1.54 pts over the past quarter.

• Maryland was the weakest state at 97.45, down -2.18 pts over the quarter, while Tennessee (98.89) and Massachusetts (99.69) remained below 100 but improved more than one point.

• Education and Health Services led sectors for the 18th consecutive month at 100.64, while Financial Activities remained above 100 at 100.30.

• Manufacturing fell -0.73 pts to 98.32, ranking last among sectors and sitting below 99 across all regions.

• Construction rose to 99.36 (+0.68 pts), with gains reported in every region.

US small business hourly earnings growth rose to 2.66% YoY in November (from 2.58% in October), marking a slight pickup while remaining below 3% for a 16th straight month.

• One-month annualized hourly earnings growth increased to 3.23%, the highest since February, indicating firmer short-term momentum than the 12-month rate.

• Weekly earnings growth strengthened to 2.76%, the highest level of 2025 so far, showing broader improvement in total pay.

• The Midwest led regions for hourly earnings growth at 3.01%, and its one-month annualized pace exceeded 4%, highlighting relative regional strength.

• The South recorded the weakest hourly earnings growth at 2.43% for the sixth straight month, though it led regions in weekly hours worked growth at 0.31%.

• Indiana ranked first among states with 4.00% hourly earnings growth and 5.13% weekly earnings growth; its one-month annualized hourly and weekly earnings gains surged to 7.52% and 9.98%.

• Illinois (3.57%) and Michigan (3.29%) followed Indiana among states, reinforcing the Midwest's strong wage performance.

• Maryland (1.58%), Massachusetts (1.96%), and Virginia (1.99%) posted the slowest hourly earnings growth, underscoring regional divergence.

• Other Services (3.18%) led sectors for hourly earnings growth, with one-month annualized growth spiking to 6.10%, while Education and Health Services (2.32%) remained the softest sector for a fourth consecutive month.