Small biz job growth slows in June, still looking good.

TLDR:

Key points from the article:

• Small businesses added jobs at a slower pace in June.
• Wage growth remained steady, with hourly earnings at 3.16% and weekly earnings at 2.96% in June.

Summary:

In June, small businesses with fewer than 50 employees continued to add jobs, although at a slower rate than in previous months. Wage growth remained steady, with hourly earnings at 3.16% and weekly earnings at 2.96% in June. California saw a decline in job growth due to losses in the leisure and hospitality sector. The national job index showed employment gains, but at a slower pace compared to previous months.

Two of the largest industry sectors, education and health services, and professional and business services, saw an increase in small business employment growth. The enactment of recent regulations, such as minimum wages and paid time off, may have impacted small businesses, particularly in industries like restaurant franchises.

Accountants and small-business clients may be affected by a recent Supreme Court decision overturning the Chevron doctrine, which could lead to less regulation and increased competition in the small-business sector. As elections approach, there may be changes in legislation that could impact small businesses, and accountants should stay informed and watch closely for any developments.