According to the Paychex Small Business Employment Watch, January marks the 34th consecutive month of job growth for U.S. small businesses. Wage growth for workers continues to stabilize in the new year with hourly earnings growth remaining essentially unchanged since November at 3.47%. “As we begin 2024, job growth in small businesses is continuing at a steady pace,” says John Gibson, Paychex president and CEO. “Nationally, wage growth remains stable despite 65 minimum wage changes taking effect in various states and localities on January 1. Small and medium-sized businesses remain resilient in the face of many challenges, including a tight labor market for qualified workers, the cost of and access to capital, rising employer regulations, and cost of providing benefits to attract and retain employees.” “Several macroeconomic data sources point to a strong close to 2023,” adds Gibson. “Gross domestic product (GDP) increased 3.3% in the fourth quarter while the annual unemployment rat