September 2025 REPORT
Main Street pauses as seasonal slowdown deepens, but wages hold firm
Key findings:
- Employee participation fell -3.6% and hours worked -4.7%, reflecting the typical late-summer pullback.
- Entertainment (-21.4%) and Hospitality (-10.7%) drove industry losses; Medical/Veterinary ticked up slightly.
- Wages rose across all sectors, now nearly 40% higher than early 2022.
- Hiring eased after August’s surge, while turnover stayed elevated compared to 2024 levels.
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August 2025 Report
Employee activity fell sharply in August, matching seasonal patterns. Entertainment, Caregiving, and Home & Repair saw steep drops, while turnover spiked to a multi-year high. Increased hiring pointed to widespread backfilling, not expansion.
July 2025 Report
Employee activity declined in July amid typical mid-summer slowdown, though losses were milder than in 2024. Entertainment and hospitality led industry gains, while personal services and retail continued to lag. Wage growth persisted despite sharp hiring cuts, as businesses prioritized retention.
June 2025 Report
Employee activity rose in June but remained below prior-year levels, reflecting a slower seasonal ramp. Entertainment and Home & Repair led industry gains, though momentum softened from past summers.
May 2025 Report
Workforce engagement and employee activity held steady in April, following seasonal hiring trends seen in past years.
April 2025 Report
Workforce engagement held steady, Entertainment and Home & Repair led hiring, and Midwest/Northeast saw business growth. Wages rose modestly as labor costs increased.
March 2025 Report
Employee activity rose above previous years, with strong growth in Entertainment and Home & Repair. Midwest and Northeast led regional gains. Wages stabilized, with retail seeing a slight boost.
December 2024 Report
Employee activity dipped slightly, while retail and caregiving saw holiday boosts. Wages increased modestly. Turnover and hiring dropped as SMBs maintained steady rosters through season’s end.
November 2024 Report
Retail and Food & Drink drove wage growth. Holiday staffing drove upticks in hiring and turnover. Beauty & Wellness and Medical & Veterinary led industry growth amid Southeast’s rebound.
October 2024 Report
Employee activity slowed across most regions. Hurricanes hurt the Southeast, while Entertainment saw a sharper decline than usual. Hospitality posted a small gain. Wages and rosters stayed flat.
September 2024 Report
Workforce activity softened but was stronger than last year. Midwest and Northeast experienced weather-related dips. Hourly wages rose steadily, while hiring and turnover flattened after August.
August 2024 Report
Employee activity and hours worked declined across all regions. Entertainment saw the sharpest drop as schools reopened. Meanwhile, wages rose across all sectors, driving up labor costs.
July 2024 Report
Employee activity hit a three-year low, with the Southwest hardest hit. Entertainment and Hospitality performed best among slowing industries.
