SurePayroll Small Business Scorecard®Suggests Possible Jobless Recovery
Optimism continues to rise, hiring stays flat or down
GLENVIEW, Ill.--(BUSINESS WIRE)-- SurePayroll Inc., a leader in providing online payroll to small businesses nationwide, today announced results for the May 2013 SurePayroll Small Business Scorecard® showing optimism up to 75 percent, rising for the fifth straight month and up from a year-over-year low of 45 percent in September 2012. Month-over-month hiring was down 0.3 percent in May and the average paycheck was down 0.1 percent.
"We appear to be in a jobless recovery," said SurePayroll CEO and President Michael Alter. "Many small businesses are doing well and feeling good about the economy with optimism on the rise, however there hasn't been sufficient growth to hire."
The Scorecard survey asked small-business owners what conditions were necessary to hire and they listed too much to do, demand and specific expertise to meet clients' needs. On the other hand, the top challenges they listed included finding qualified candidates, understanding what they need and finding the right candidate for the salary offered.
"The demand isn't there and small businesses have become more efficient, which often means less hiring," Alter continued. "For those looking to hire, it's not easy to find the specific critical skills you need. Until we see more demand, whether it's from new businesses or an increasingly robust housing market, we're not likely to get the full recovery we want."
Month-over-month SurePayroll Scorecard data showed hiring was down 0.3 percent and the average paycheck was down 0.1 percent. Hiring was down month over month in every region of the country except for the South, where it was flat. Paychecks were up month over month in the Midwest (0.1 percent). Paychecks were down across the rest of the country, dropping the most (0.3 percent) in the Northeast.
Year over year, nationwide hiring is down 1.7 percent and paychecks are up 0.2 percent. Year over year, the South is the only region where hiring is up at 1.6 percent and paychecks there are flat. The West shows a hiring decline of 3.8 percent, with paychecks down 0.6 percent. Hiring in the Midwest is down 2.9 percent and paychecks are positive, up 4.3 percent. In the Northeast, hiring is down 3.5 percent and paychecks are down 2.1 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 May 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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