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Small business job growth index up slightly in August

An formula of small business employment growth inched up as Main Street America go on increased jobs at a steady pace this month.

The Paychex IHS Small Occupation Jobs Index rose 0.02 percent from July to a interpreting of 100.70, in line with the year-to-date average for 2016. A measurement overhead 100 indicates job growth.

Paychex president and CEO Martin Mucci predicted some caution is seeping into labor markets ahead of the presidential appointment and as business owners juggle new health-care and minimum-wage regulations and prepare for the on of overtime rules in December.

“These are all putting a little bit of caution on adding burglaries, particularly in small business, but overall, it’s consistent and it’s steady and it’s good figures,” he told CNBC’s “Squawk Box.”

The Mountain region edged out the South Atlantic to declare the top spot for small business job growth among nine U.S. Census Agency divisions. For the month, the Mountain region’s index reading was up 0.17 percent to 101.95.

While all nine tracts had readings above the national baseline of 100 in August, Mucci phrased small business hiring is shaping up as “a tale of two coasts.”

“We have the West Beach really dropping off pretty good and strongly in California where they reached a peak in ’14, and now the East Sea-coast picking up very strong,” he said.

Washington remained top of the list mid states with a reading of 104.30, and Seattle increased its lead upward of other U.S. cities, registering the strongest one-month gain.

Paychex and IHS organize little change in industry activity, after small business positions growth eased in eight of the nine industries the index tracks the untimely month. Business activities showed the best gain, rising 0.23 percent from the antecedent to month.

“The other services sector is still by far the strongest, and these are discretionary usages, you know, pet care, personal care,” Mucci said. “Unfortunately some of those are with time.”

The Paychex IHS index measures same-store, year-over-year changes in breadwinner count to determine trends in employment. Paychex is an outsourcing solutions enterprise, and IHS provides information and analysis.

The report comes three days sooner than the Labor Department releases its closely watched monthly U.S. jobs details on Friday.

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