Payroll Services Rocket with U.S. Economy

CPA firms expand by 6%. Tax prep takes losses.

line graph
^ Staff employment in payroll services

New highs in headcounts and hourly wages.

By Beth Bellor

There were bright spots in several sectors of the latest employment figures, but let’s get the ball rolling with the most gleaming: Payroll services, which set a couple of new highs on the way to positive year-over-year marks in every measure but hours.

And by “positive,” we mean the likes of 16 and 17 percent.

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Payroll services overall hit a new high of 192,300 employees, up 1,500, or 0.8 percent for the month, and 28,800 or 17.6 percent for the year.

Those employees worked 35.8 hours, up 12 minutes or 0.6 percent for the month but down 2 hours 6 minutes or 5.5 percent for the year.

Their earnings set a record at $40.53, up 20 cents or 0.5 percent for the month and $5.18 or 14.7 percent for the year.