According to the Paychex Small Business Employment Watch, year-over-year hourly earnings growth for U.S. workers moderated to 3.42% in February, continuing a trend that began in mid-2022. Small business job growth held steady from last month, with the national Small Business Jobs Index closing February at 100.67. ""While our index continues to show job growth in businesses with fewer than 50 workers, it has now remained below pre-pandemic levels for two months. For the first time since March 2021, a major region has fallen below 100 (West: 99.81),"" said John Gibson, Paychex president and CEO. ""Wage growth for small business workers continues to moderate, most notably for weekly earnings in leisure and hospitality. The sector fell below three percent (2.58%) for the first time since January 2021 and is down from a peak of 10.35%,"" adds Gibson.