SurePayroll Small Business Scorecard®Shows Small Business Economy Stuck in Neutral
Small business growth not enough to justify new hiring
GLENVIEW, Ill.--(BUSINESS WIRE)-- SurePayroll Inc., a leader in providing online payroll to small businesses nationwide, today announced results for the April 2013 SurePayroll Small Business Scorecard® showing month-over-month hiring was down 0.2 percent and the average paycheck was flat. Small-business owners' optimism remained in the high 60s at 69 percent, up from 59 percent two months ago.
"The small business economy appears to be stuck in the wake of the payroll tax increase and sequester," said SurePayroll CEO and President Michael Alter. "Small businesses haven't grown enough to hire. Instead they're taking advantage of new and more efficient ways to do business with technology, so we have productivity outpacing the need to hire. It's a new normal that's become a necessity in this economy, which hasn't seen any significant boost in 2013. Optimism remained up this month; however it may be due to small-business owners adjusting expectations for this slow growth environment."
Month-over-month SurePayroll Scorecard data showed hiring was down 0.2 percent and the average paycheck was flat. Hiring was down month over month in every region of the country except for the South, where it was up 0.1 percent. Paychecks were up month over month in the Midwest (0.3 percent) and South (0.4 percent). Paychecks in the Northeast were down 0.2 percent and in the West they were down 0.3 percent.
Year over year, nationwide hiring is down 1.5 percent and paychecks are down 0.2 percent. Year over year, the South is the only region where hiring is up at 1.8 percent and paychecks there are now up 0.1 percent. The West shows a hiring decline of 4.1 percent, with paychecks down 0.4 percent. Hiring in the Midwest is down 2.5 percent and paychecks are positive, up 4.3 percent. In the Northeast, hiring is down 3.0 percent and paychecks are down 2.2 percent.
As the first economic indicator created by a payroll company, the SurePayroll Scorecard has provided a monthly look at national hiring and paycheck trends since September 2004. SurePayroll's Scorecard compiles data from small businesses nationwide, and exclusively reflects the trends affecting the nation's "micro businesses" — those with an average of eight employees.
The full SurePayroll Small Business Scorecard infographic includes data for the top 35 MSAs. The April 2013 Scorecard is available now on the SurePayroll blog.
SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. Whether a business has 1, 10, or 100 employees, SurePayroll delivers peace of mind by combining innovative, industry-leading technology and personalized support from an award-winning, U.S.-based customer care team. SurePayroll also provides private-label and co-branded services for accountants and banking partners as well as offering efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com. Follow us on Twitter - Circle us on Google+ - Connect with us on LinkedIn - Like us on Facebook.
Paychex, Inc. (NAS: PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 567,000 payroll clients as of May 31, 2012. For more information about Paychex and our products, visit www.paychex.com.
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