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Hourly earnings growth for small business employees dropped to a four-year low at 2.77% in May, while job growth was flat, according to payroll company Paychex.The Paychex Small Business Employment Watch, which tracks U.S. business with fewer than 50 employees, found that three-month annualized hourly earnings growth fell to its lowest level in May (2.45%) since December 2020, when it was 1.66%.”There seems to be a very limited amount of dynamism in small businesses right now,” said Frank Fiorille, vice president of risk management, compliance and data analytics at Paychex. “We’re not seeing blockbuster or torrid hiring, but we’re also…

House Majority Whip Tom Emmer claims budget bill will “increase wages” for workers – CBS News Watch CBS News Several key Republican senators share Elon Musk’s concerns that the budget bill will drive up the deficit and are pushing for significant changes to the package. House Majority Whip Tom Emmer joins “The Takeout” to discuss. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

The IRS has released to the public the vast majority of the code used to develop its Direct File program, theoretically allowing anyone to build their own versions of the software (though they’d still need to become an approved e-file provider to actually file). The move comes shortly after the administration announced plans to shutter the program just one year after its launch. The release was not spontaneous, nor was it a leak, as the IRS had already been considering releasing the code as a way to demonstrate a commitment to public trust and enable independent assessment of its work. This…

Mathisworks | Digitalvision Vectors | Getty ImagesWhile the government cost-cutting initiative known as the Department of Government Efficiency, which resulted in thousands of federal job cuts, winds down, mass layoffs are still roiling corporate America.Companies are under increasing pressure to trim costs against the backdrop of global economic uncertainty brought on by President Donald Trump’s tariff policies. Several companies have announced price hikes. Layoffs mark another way to pull back.Trade tensions have also raised concerns about the general health of the U.S. economy and the job market. While the April jobs reading was better than expected, a separate reading from…