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The pace of small business growth in the United States slowed in May but remains positive, new information released by Paychex Inc. indicates.
The Paychex | IHS Small Business Jobs Index, released Tuesday, grew 0.05 percent in the 12 months leading up to May. The report uses information gleaned from Paychex in its database of small-business clients.
While the national index decreased to 101.15 from April to May, the pace of small-business job growth remained positive, the report noted. Washington and San Francisco lead the index among the states and metro areas measured.
“Though the index gave up its April gains, small-business hiring conditions remain strong,” said James Diffley, chief regional economist at IHS. “Indeed, it has been the best quarter in a decade.”
Martin Mucci, Paychex president and CEO, said the numbers are encouraging, even if smaller than in recent months.
“While small businesses grew at a slower rate in May than they did in April, it’s encouraging to see the growth trend continue,” Mucci said. “With real estate markets rebounding in the Southwest and increases in tech jobs in the Pacific Northwest, we’re hopeful that the slow, steady growth we’ve been seeing will continue to advance.”
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