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Eyeing Key Resistance

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U.S. small business job growth returned to pre-pandemic rates in April as more regular operations resumed and Covid-19 vaccines became available to all adults, payroll provider Paychex said Tuesday.

Paychex's monthly index, produced with IHS Markit and reflecting data from 350,000 firms, increased 4.3% in April to 98.3. Each region, state, and metro area analyzed last month saw employment gains.

Leisure and hospitality payrolls saw the greatest improvement, though the construction industry still had the highest index at 100.7. Weekly earnings growth surged in both industries through the month, with leisure and hospitality wages up an annualized 6.8% and construction wages up 4%.