Small Business Owners Express Concern
SurePayroll Small Business Scorecard® indicates hiring sluggish with turmoil in Europe and slow growth in the U.S.
GLENVIEW, IL —June 29, 2012 — SurePayroll Inc., a leader in providing online payroll to small businesses nationwide, today announced June results for its monthly SurePayroll Small Business Scorecard® showing small business owners' optimism at 60 percent with hiring down but paychecks up 0.1 percent. Hiring was down 0.2 percent. While optimism dropped from 64 percent last month, it is still up from 33 percent in September. The rise in average paychecks suggests small business owners are relying more on existing workers.
The Scorecard optimism survey found 80 percent of respondents expressing concern over turmoil in Europe and slow growth in the U.S.
“While optimism remains relatively high, small business owners seem somewhat reluctant to hire right now because of some dark clouds on the horizon,” said SurePayroll CEO and President Michael Alter. “Existing employees are producing more and working longer hours. It’s impressive that small businesses have done more with less, but the economic climate has made it difficult to have job growth.”
Month-over-month SurePayroll Scorecard data shows hiring down 0.2 percent and paychecks up 0.1 percent. Hiring was down month-over-month in every region of the country except for the South, where it was flat. Paychecks were up month-over-month in the Midwest (0.4 percent) and South (0.3 percent), flat in the West and down in the Northeast (-0.2 percent).
Year-over-year, nationwide hiring is down only 1.6 percent and paychecks are down 1.2 percent. The South continues to show promising signs with hiring up 1.4 percent and paychecks up 0.5 percent. The West has had the steepest hiring decline at 5.4 percent. Hiring in the Midwest is down 2 percent and paychecks are down 2.5 percent. In the Northeast, hiring is down 2.1 percent and paychecks are down 2.7 percent.
As the first economic indicator created by a payroll company, the SurePayroll Scorecard has provided a monthly look on national hiring and paycheck trends since September 2004. SurePayroll's Scorecard compiles data from over 35,000 small businesses, and exclusively reflects the trends affecting the nation's "micro businesses" — those with an average of eight employees.
The full SurePayroll Small Business Scorecard infographic, which includes data for the top 35 MSAs, will be available later today at www.SurePayroll.com/scorecard.
SurePayroll is a wholly owned subsidiary of Paychex, providing an easy, online, convenient payroll service that keeps our more than 35,000 small business customers in control. SurePayroll also offers efficient online solutions for managing 401(k) plans, health insurance, workers’ compensation, employee screening and more. For accountants and banking partners, SurePayroll provides private-label and co-branded services that enable them to offer online payroll processing to their small business clients. The company has received numerous prestigious awards for its innovative technology, and outstanding customer service and sales teams, including recognition from PC Magazine, Accounting Today, the American Business Awards and many others. For more information, please visit www.SurePayroll.com.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 567,000 payroll clients as of May 31, 2012. For more information about Paychex and our products, visit www.paychex.com.