Paychex CEO to Jim Cramer: Small business hiring picked up in September despite slowdown worries
The Paychex IHS Markit Small Business Employment Watch showed the first increase in small business hiring since February.
"One month doesn't make a trend, but we certainly saw job growth pick up a bit. [The index is] down 1% from last year ... because it's a tight market and it's tight for small businesses to hire ..." Paychex CEO Marty Mucci tells CNBC. "Our feeling is while businesses are a little bit concerned overall about the economy, the demand for their products is still there and they're out trying to hire," he says in a "Mad Money" interview.
Small business job growth rebounded last month "for the first time in a few years," despite increasing concerns that the U.S. economy is slowing down,In the September reading of the Small Business Employment Watch from Paychex and IHS Markit, the jobs index posted a 0.21% gain, which snapped six straight months of decline. That's the fastest one-month move since 2016, according to Paychex, the country's second-largest payroll processor behind ADP.
"One month doesn't make a trend, but we certainly saw job growth pick up a bit. [The index is] down 1% from last year, the job growth level for small businesses, but that's because it's a tight market and it's tight for small businesses to hire and retain folks," he said in a one-on-one with
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