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Patriot Software, a national accounting and payroll software company, has released its first monthly Small Business Pay Index. This index represents the monthly percentage change in the number of employees added to or removed from Patriot’s payroll software.
“We love this index report because it provides a very simple visual representation of the rate at which U.S. small businesses are adding or reducing employees,” said Mike Kappel, CEO of Patriot Software. I am. “As a small business employer for more than 35 years, I know that a small business’s employee growth or decline is a great indicator of its health. Being able to see what’s going on with small and medium-sized businesses gives us a clear picture of what’s really going on.”
Patriot collects this data through its payroll services. This dataset includes 56,000 small businesses, 215,100 of his W-2s and his 1,099 employees.
Patriot’s new Small Business Pay Index focuses exclusively on small businesses. The report shows job growth from 2020 to 2024, which suffered a significant drop when the coronavirus pandemic began. The graph shows that since mid-2022, small and medium-sized enterprises have experienced sporadic declines in the number of employees.
“If you look at the last 18 months, it’s easy to see that in nine of those months, small businesses have taken employees off the payroll. So these small businesses are struggling,” Kappel said. In some cases, we’re seeing more contraction than growth. Of course, this is a concern for me, so I’m looking forward to seeing what January 2024 looks like. I hope it’s positive though. , I’m worried that it will be negative.”
Patriot’s Payroll Index methodology targets small and medium-sized employers in all 50 states who currently use Patriot software to pay their employees. This data is not designed to predict, predict, or clarify economic changes in the United States.
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