The Paychex IHS Markit Small Business Employment Watch showed the first increase in small business hiring since February.
"One month doesn't make a trend, but we certainly saw job growth pick up a bit. [The index is] down 1% from last year ... because it's a tight market and it's tight for small businesses to hire ..." Paychex CEO Marty Mucci tells CNBC. "Our feeling is while businesses are a little bit concerned overall about the economy, the demand for their products is still there and they're out trying to hire," he says in a "Mad Money" interview.
Small business job growth rebounded last month "for the first time in a few years," despite increasing concerns that the U.S. economy is slowing down,In the September reading of the Small Business Employment Watch from Paychex and IHS Markit, the jobs index posted a 0.21% gain, which snapped six straight months of decline. That's the fastest one-month move since 2016, according to Paychex, the country's second-largest payroll processor behind ADP.
"One month doesn't make a trend, but we certainly saw job growth pick up a bit. [The index is] down 1% from last year, the job growth level for small businesses, but that's because it's a tight market and it's tight for small businesses to hire and retain folks," he said in a one-on-one with
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