Small-business pay climbs for fifth month as hours stay positive – Stock Titan

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Paychex (NASDAQ:PAYX) reported that its Small Business Jobs Index rose for the third straight month in May 2026, up 0.18 points to 99.34, the year’s highest level.
Weekly earnings growth reached 2.98%, hourly earnings were up 2.73%, and weekly hours worked growth stayed positive for a third month.
AI-generated analysis. Not financial advice.
PAYX gained 5.63% while momentum-screened peers SNOW, TEAM, WDAY, and DDOG showed declines between -3.99% and -6.43% (median about -4.6%). This divergence suggests the move was more stock-specific than sector-driven.
PAYX often reacts modestly to macro/employment updates, with mixed alignment on partnership news.
Over the last few months, PAYX has released several notable updates. An AI-powered WISE platform launch on May 19, 2026 saw a +2.69% move. Multiple Small Business Jobs Index reports in March and April highlighted sub-3% wage growth with modest price reactions between about -1% and +0.4%. A 10% dividend increase on May 1, 2026 produced only a small gain. Today’s stronger move comes against this backdrop of generally moderate reactions to news.
This announcement highlighted continued improvement in U.S. small business labor trends, with the Paychex Small Business Jobs Index rising to 99.34 and weekly earnings growth reaching 2.98%, its highest since January 2024. Multiple large states and metros posted gains, and sectors like Education and Health Services and Manufacturing led job growth. In context of prior Paychex employment reports, investors may watch whether these Main Street trends support broader demand for PAYX’s HR and payroll solutions.
AI-generated analysis. Not financial advice.
Weekly earnings and hours worked growth continue upward trend in May
ROCHESTER, N.Y., June 02, 2026 (GLOBE NEWSWIRE) — The Paychex Small Business Jobs Index – a primary component of the Paychex Small Business Employment Watch that measures the pace of job growth among U.S. small businesses with fewer than 50 employees – improved for the third consecutive month in May, a first since February 2023. The jobs index increased 0.18 percentage points in May to 99.34, marking its highest level so far in 2026. While hourly earnings growth remained steady at 2.73% in May, U.S. small business workers experienced continued growth in both weekly hours worked and earnings for the month.
“The small business job growth rate has increased three consecutive months, reinforcing the durability and underlying strength of the labor market on Main Street,” said John Gibson, Paychex president and CEO. “Most states and metros analyzed in our jobs index reported an increase in May, reflecting consistency across geographies as we head into the summer. We see a similar trends across our client base, as businesses with more than 50 employees continue to add workers at a solid pace.”
Jobs Index and Wage Data Highlights
About the Paychex Small Business Employment Watch
Since 2014, the Paychex Small Business Employment Watch has been a trusted source of employment trends for U.S. small businesses with fewer than 50 employees. The Employment Watch website offers interactive charts and historical data across the report’s two key components – the jobs index and wage data – as well as the methodology for both analyses. Visit the Bloomberg Terminals or subscribe to receive monthly alerts with the latest data.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About Paychex
Paychex, Inc. (Nasdaq: PAYX) is the digitally driven HR leader that is reimagining how companies address the needs of today’s workforce with the most comprehensive, flexible, and innovative HCM solutions for organizations of all sizes. Offering a full spectrum of HR advisory and employee solutions, Paychex pays 1 out of every 11 American private sector workers and is raising the bar in HCM for approximately 800,000 customers in the U.S. and Europe. Every member of the Paychex team is committed to fulfilling the company’s purpose of helping businesses succeed. Visit paychex.com to learn more.

Media Contacts
Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
(585) 387-6705
tvolkmann@paychex.com
@Paychex
Erin McAward
ICR, Inc.
Account Director
paychexpr@icrinc.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d107916-52bb-4482-a462-f917e431c02f
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