Wage Growth Is Rising for Global Small Businesses

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Some say that wage growth tends to be a compelling sign that inflation is rising.

The pace of wage increases at small businesses in the U.S. continues to escalate, as August saw average hourly earnings growth hit 5.18 percent, compared with 5.03 percent in July 2022, according to the latest Paychex & IHS Markit Small Business Employment Watch report. At $30.71 per hour, average hourly earnings at small businesses have risen by $1.51 over the last 12 months.

Despite recession concerns amid resilient inflation, the labor market remains tight, causing small businesses in the U.S. to avoid salary reductions and layoffs.

Read on about how, despite challenges, global small businesses are dedicated to their employees.