January marks the 34th consecutive month of job growth for U.S. small businesses, according to the Paychex Small Business Employment Watch. 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,” said John Gibson, Paychex president and CEO. “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.” Gibson noted that several macroeconomic data sources point to a strong close to 2023. That includes the gross domestic product increasing 3.3% in the fourth quarter while the annual unemployment rate hit its lowest point since 1969.