Growth in small business jobs and wages declined last month as a result of the novel coronavirus pandemic, according to payroll giant Paychex.
The economic fallout from the coronavirus pandemic is continuing.
Professional services like accounting and tax prep gained 12,000 jobs, however, according to the payroll giant.
The recent stimulus law’s relief for renters and extension of the federal eviction ban were meant to ward off a housing crisis. But owners of 1- to 4-unit dwellings still face mounting mortgage and property tax debts, and delinquencies could start rising soon — followed by foreclosures.
Some lenders are poring over commercial portfolios more frequently than normal — perhaps as often as once a month — to uncover problems hidden by payment deferrals and government stimulus before it's too late.
The slowest month of job growth since the spring occurred amid the ravages of the COVID-19 pandemic.
There are signs of a slowdown in the economy as businesses continue to struggle with rising COVID-19 infections across the country.
The Federal Housing Administration said in its annual actuarial report that the capital reserve ratio on its mutual mortgage insurance fund increased to 6.10% in fiscal year 2020, up from 4.84% a year earlier.
Unemployment declined 1 percentage point to 6.9 percent as the economy continues a slow recovery despite the ongoing COVID-19 pandemic.