Economic data by Gusto.
We’re proud to support more than 300,000 growing US businesses. Our connection to these businesses, along with our payroll and HR expertise, gives us unique insight into today’s economy. Brought to you by our very own economists each month, the economic data tracker shows business trends by industry, state, metro area, gender, and age group.
Growth, hiring, and termination rates.
Business employment trends are key indicators of current economic health among business owners and workers. Throughout the year, businesses may hire or let go of workers as demand fluctuates, and workers may join or leave based on seasonal patterns or economic confidence.
Average hourly earnings.
This graph measures the average amount of money employees earn per hour worked, an important indicator of the cost of labor for businesses and the economic power of workers. (Rising hourly pay, for instance, may indicate a group of workers is in high demand relative to their numbers in the labor market.)
Average weekly hours.
The average hours employees work per week is a leading indicator of future economic conditions. Businesses often increase employee hours before adding additional employees, and often decrease hours before shrinking headcount. Businesses can also substitute hours between different groups of workers based on seasonal patterns or economic conditions.
Current economic conditions by state.
Economic health varies considerably across the US: certain states may be experiencing robust growth, while others may be struggling. The dashboards above chart economic trends over time, and this panel offers a look at the geographic landscape of employment, hours, and wages at a given point in time.
The hiring rate measures the number of employees hired in a given month as a percentage of the total number of workers employed in that month.
The termination rate measures the total number of employees terminated in a given month (voluntarily or involuntarily) as a portion of the total number of employees working in that month.
Beginning in January 2020, employers were able to mark terminations as voluntary or involuntary, allowing additional insight into the nature of separations. The voluntary termination rate (or quit rate), measures the percentage of workers voluntarily separating from employment in a given month. The involuntary termination rate, on the other hand, measures the rate of employees involuntarily separated from employment.
The net hiring rate measures the total change in headcount among businesses on Gusto. It is calculated by taking the difference between the number of workers hired and the number of workers terminated in a given month, and dividing by the total number of workers employed in that month. A positive net hiring rate indicates employment growth, while a negative net hiring rate indicates a net reduction in employment.
Average hourly earnings are calculated as the total pre-tax pay an employee receives in a month divided by the total number of hours worked in that month. This figure includes both hourly workers and salaried employees, whose hourly rate is calculated using a 40-hour workweek (unless otherwise noted in the pay stub). To more accurately capture workers’ earning power, irregular payments such as bonuses and vacation or sick leave pay-outs are not included in this calculation.
Average weekly hours measures the typical number of hours an employee works per week in a given month. It is calculated by taking the total number of hours an employee works each month and dividing by the number of weeks in that month. This figure includes both hourly and salaried employees, and salaried employees’ hours are calculated using a 40-hour workweek (unless otherwise noted on the employee’s pay stub).
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