Small business wages hold steady in September

Wages for small business employees held steady in September, according to the Paychex/IHS Markit Small Business Employment Watch. 

Hourly earnings were $26.03 in September, up from $25.98 in August. Compared to a year ago, wages in September rose $0.75, a 2.96 percent increase. 

California led the charge in wage gains, while the one-month annualized growth rates for weekly hours worked took a hit in Florida and Texas, which the report noted may have been due to the recent hurricanes, Harvey and Irma. 

Meanwhile, the Small Business Jobs Index came in at 99.93 in September, which was a decrease of 0.03 percent from August. 

"Despite minor monthly declines following a strong start to the year, small business employment continues to grow at a moderate rate, while wage growth shows sustained strength," said Paychex President and CEO Martin Mucci. 

Manufacturing activity in the U.S. also increased in September, with the industry index from the Institute for Supply Management measuring 60.8 percent for the month, up from 58.8 percent in August. 

The New Orders index rose to 64.6 percent from 60.3 percent, and the Employment Index increased to 60.3 percent from 59.9 percent. 

Hourly earnings were $26.03 in September.