Main Street Health Report
September 2026
Labor and wage stats
Every month we measure how small businesses are actually doing, from the timesheets of more than 150,000 of them: who is working, how many hours, what they are paid, and how that compares with the same month in previous years.
Employees working fell 4.0% month-over-month in September, a typical seasonal softening, and is down 3.7% year-over-year. Labor supply growth is negative, likely consistent with immigration policy curbing the worker pool.
- Hourly employees
- 2M+
- Small businesses
- 150K+
- Measured, not surveyed
- Timesheet data
Hourly employees
Small businesses
Measured, not surveyed
Main Street at a glance
The top things to know this month
-3.1%
Business openings declined across all five Homebase regions, led by the Southwest (-3.1% month-over-month, -13.7% versus January). Medical/Veterinary was the most resilient industry (-3.7%), while Entertainment lagged (-12.0%).
-3.7%
Low labor force growth is squeezing employment and hours. Employment was down 3.7% year-over-year; hours were down 3.1% year-over-year.
+0.1%
Hiring turned positive year-over-year for the first time in nearly two years (+0.1%). Turnover also rose, up 6.5% year-over-year. Despite labor churn increasing, this signals that Main Street’s labor market is stabilizing.
What the data shows
Each finding below takes one measure of Main Street, participation, hours, wages, hiring and turnover, and compares September 2026 with the same month in the two years before it. Every chart is drawn from the figures, which are published alongside it for anyone who wants to check or reuse them.
Employees Working
Employees Working Down 3.7% Year-Over-Year
Employees working fell 4.0% month-over-month, a typical seasonal softening for September, and is down 3.7% year-over-year. Labor supply growth is negative, likely consistent with immigration policy curbing the worker pool.
(Monthly number of employees working, relative to a year earlier)
| Period | Employees Working |
|---|---|
| Sep'23 | 6.7% |
| Oct'23 | 6.7% |
| Nov'23 | 4.1% |
| Dec'23 | 7.9% |
| Jan'24 | 3.4% |
| Feb'24 | 4.0% |
| Mar'24 | 8.0% |
| Apr'24 | 4.5% |
| May'24 | 0.9% |
| Jun'24 | 5.3% |
| Jul'24 | 2.7% |
| Aug'24 | (0.2%) |
| Sep'24 | 4.1% |
| Oct'24 | 0.9% |
| Nov'24 | 5.3% |
| Dec'24 | (3.2%) |
| Jan'25 | (2.0%) |
| Feb'25 | 1.1% |
| Mar'25 | (3.8%) |
| Apr'25 | (0.7%) |
| May'25 | (1.3%) |
| Jun'25 | 0.4% |
| Jul'25 | (1.0%) |
| Aug'25 | 0.0% |
| Sep'25 | (0.6%) |
| Oct'25 | (2.4%) |
| Nov'25 | 0.3% |
| Dec'25 | (1.4%) |
| Jan'26 | (1.9%) |
| Feb'26 | (1.2%) |
| Mar'26 | (1.4%) |
| Apr'26 | (3.1%) |
| May'26 | (0.7%) |
| Jun'26 | (0.9%) |
| Jul'26 | (3.0%) |
| Aug'26 | (0.8%) |
| Sep'26 | (3.5%) |
Data tallied from the 28th of the prior month to the 27th of the current month, then compared to the same period a year earlier.
Hours Worked
Hours on the Clock Fall Even Faster
Hours worked fell 4.8% month-over-month (as is typical in September; not seasonally adjusted) and were down 3.1% year-over-year. As with employees working, slowing growth is a function of low labor supply growth.
(Hours worked during the month, relative to a year earlier)
| Period | Hours Worked |
|---|---|
| Sep'23 | 6.9% |
| Oct'23 | 7.0% |
| Nov'23 | 4.5% |
| Dec'23 | 8.6% |
| Jan'24 | 3.5% |
| Feb'24 | 4.5% |
| Mar'24 | 8.6% |
| Apr'24 | 5.1% |
| May'24 | 1.4% |
| Jun'24 | 5.8% |
| Jul'24 | 3.1% |
| Aug'24 | 0.2% |
| Sep'24 | 4.6% |
| Oct'24 | 1.5% |
| Nov'24 | 5.9% |
| Dec'24 | (2.5%) |
| Jan'25 | (1.3%) |
| Feb'25 | 1.6% |
| Mar'25 | (3.1%) |
| Apr'25 | 0.0% |
| May'25 | (0.7%) |
| Jun'25 | 0.9% |
| Jul'25 | (0.3%) |
| Aug'25 | 0.7% |
| Sep'25 | (0.1%) |
| Oct'25 | (2.0%) |
| Nov'25 | 0.6% |
| Dec'25 | (1.3%) |
| Jan'26 | (1.6%) |
| Feb'26 | (0.8%) |
| Mar'26 | (1.1%) |
| Apr'26 | (2.7%) |
| May'26 | (0.3%) |
| Jun'26 | (0.5%) |
| Jul'26 | (2.8%) |
| Aug'26 | (0.4%) |
| Sep'26 | (3.0%) |
Data tallied from the 28th of the prior month to the 27th of the current month, then compared to the same period a year earlier.
Businesses Open, by region
Openings Cooled Across Every Region
Business openings fell in all five Homebase regions this month, from -2.5% in the West to -3.1% in the Southwest.
(Month-over-month change in “Businesses Open”, by Homebase report region)
| Region | 2024 | 2025 | 2026 |
|---|---|---|---|
| Midwest | −2.6% | −2.6% | −3.0% |
| Northeast | −2.8% | −2.4% | −3.0% |
| Southeast | −2.9% | −2.5% | −2.9% |
| Southwest | −2.6% | −2.2% | −3.1% |
| West | −2.2% | −2.1% | −2.5% |
Note 1. Data compares trailing 28-day averages; the latest window ends two days before the run date.
Note 2. Values are indexed to each year's January reference window.
Businesses Open, by metro
Metro-Level Declines Were Widespread
The pullback shows up across all eight priority metro markets, not just a few.
(Month-over-month change in “Businesses Open”, by MSA)
| Market | 2024 | 2025 | 2026 | vs Jan |
|---|---|---|---|---|
| Los Angeles | −2.2% | −1.9% | −2.3% | −12.4% |
| New York | −2.4% | −2.3% | −3.3% | −12.3% |
| Dallas | −2.7% | −2.2% | −3.9% | −9.4% |
| Houston | −2.5% | −2.4% | −3.7% | −17.5% |
| Atlanta | −3.3% | −3.3% | −3.6% | −13.2% |
| Chicago | −2.7% | −2.8% | −2.4% | −12.2% |
| Miami | −2.9% | −2.5% | −3.5% | −18.1% |
| Seattle | −2.1% | −1.5% | −3.1% | −13.8% |
Note 1. Priority MSAs are a fixed set of eight metro areas. The set is not ranked by sample size.
Note 2. Values are indexed to each year's January reference window.
Employees Working, by industry
The Industry Pullback Was Broad
Every industry pulled back this month, but not evenly: Medical/Veterinary was the most resilient (-3.7%), while Entertainment fell the furthest (-12.0%).
(Month-over-month change in “Employees Working”, by industry)
Beauty & Wellness
−4.5%
Sep MoM
Caregiving
−5.5%
Sep MoM
Entertainment
−12.0%
Sep MoM
Food, Drink, & Dining
−4.1%
Sep MoM
Hospitality
−6.8%
Sep MoM
Retail
−4.1%
Sep MoM
Home & Repair
−6.4%
Sep MoM
Medical / Veterinary
−3.7%
Sep MoM
Note 1. Data compares trailing 28-day averages; the latest window ends two days before the run date.
Note 2. Values are indexed to each year's January reference window.
Hourly Wages
Labor Costs Still Running Hot
Average hourly wages are +47.4% above January 2022. Growth has cooled sharply from 2022’s double-digit pace, but has stopped decelerating and may even be warming a little. September’s 6.8% Y/Y was the fastest since January.
(Wage level in the current month, relative to a year earlier)
| Period | Wage Growth |
|---|---|
| Jan'23 | 11.6% |
| Feb'23 | 11.5% |
| Mar'23 | 11.8% |
| Apr'23 | 11.1% |
| May'23 | 11.3% |
| Jun'23 | 11.2% |
| Jul'23 | 11.0% |
| Aug'23 | 10.4% |
| Sep'23 | 11.1% |
| Oct'23 | 11.1% |
| Nov'23 | 11.9% |
| Dec'23 | 11.5% |
| Jan'24 | 11.3% |
| Feb'24 | 11.0% |
| Mar'24 | 10.6% |
| Apr'24 | 10.7% |
| May'24 | 10.2% |
| Jun'24 | 10.0% |
| Jul'24 | 9.4% |
| Aug'24 | 9.7% |
| Sep'24 | 8.9% |
| Oct'24 | 8.2% |
| Nov'24 | 7.6% |
| Dec'24 | 7.1% |
| Jan'25 | 6.9% |
| Feb'25 | 7.2% |
| Mar'25 | 7.5% |
| Apr'25 | 6.9% |
| May'25 | 6.6% |
| Jun'25 | 6.7% |
| Jul'25 | 7.1% |
| Aug'25 | 6.7% |
| Sep'25 | 7.3% |
| Oct'25 | 8.0% |
| Nov'25 | 7.9% |
| Dec'25 | 8.2% |
| Jan'26 | 7.3% |
| Feb'26 | 6.7% |
| Mar'26 | 6.6% |
| Apr'26 | 6.4% |
| May'26 | 6.5% |
| Jun'26 | 6.5% |
| Jul'26 | 6.5% |
| Aug'26 | 6.7% |
| Sep'26 | 6.8% |
Data measures average hourly wages for locations that utilized Homebase Payroll in the reporting month and same month a year before.
Hourly Wages
Average Hourly Wages Continue to Climb
The national payroll cohort reached $16.76 per hour in September, up 6.8% year-over-year and 1.4% from August, a mild uptick after seven months in the mid-6% range. Industry lines show where pay levels remain highest.
(Average “Hourly Wages” across all jobs)
| Period | Total | Food & Drink | Entertainment | Retail | Health Care | Professional Services |
|---|---|---|---|---|---|---|
| Jan'22 | $11.37 | $10.21 | $10.52 | $10.97 | $14.05 | $12.71 |
| Feb'22 | $11.50 | $10.43 | $10.70 | $11.13 | $14.34 | $13.03 |
| Mar'22 | $11.50 | $10.37 | $10.92 | $11.01 | $14.49 | $13.15 |
| Apr'22 | $11.67 | $10.62 | $11.02 | $11.07 | $14.77 | $13.37 |
| May'22 | $11.73 | $10.75 | $11.05 | $11.16 | $14.86 | $13.56 |
| Jun'22 | $11.82 | $10.85 | $11.18 | $11.33 | $14.69 | $13.75 |
| Jul'22 | $11.91 | $10.92 | $11.50 | $11.42 | $14.58 | $13.73 |
| Aug'22 | $11.97 | $10.93 | $11.82 | $11.51 | $14.54 | $14.24 |
| Sep'22 | $12.09 | $11.07 | $11.95 | $11.51 | $14.95 | $14.50 |
| Oct'22 | $12.23 | $11.14 | $11.93 | $11.76 | $15.25 | $14.64 |
| Nov'22 | $12.29 | $11.19 | $11.78 | $11.80 | $15.45 | $14.94 |
| Dec'22 | $12.45 | $11.25 | $11.98 | $12.14 | $15.83 | $15.19 |
| Jan'23 | $12.69 | $11.41 | $12.07 | $12.55 | $16.19 | $14.92 |
| Feb'23 | $12.82 | $11.45 | $12.06 | $12.78 | $16.12 | $14.30 |
| Mar'23 | $12.86 | $11.55 | $12.29 | $12.65 | $16.40 | $14.54 |
| Apr'23 | $12.96 | $11.60 | $12.09 | $12.63 | $16.82 | $14.71 |
| May'23 | $13.06 | $11.68 | $12.32 | $12.86 | $16.91 | $15.04 |
| Jun'23 | $13.14 | $11.76 | $12.52 | $12.85 | $16.87 | $14.99 |
| Jul'23 | $13.22 | $11.82 | $12.65 | $13.10 | $17.21 | $14.97 |
| Aug'23 | $13.22 | $11.82 | $12.58 | $13.11 | $17.17 | $15.08 |
| Sep'23 | $13.43 | $11.98 | $12.81 | $13.25 | $17.40 | $15.15 |
| Oct'23 | $13.59 | $12.05 | $12.88 | $13.40 | $17.48 | $15.19 |
| Nov'23 | $13.75 | $12.21 | $13.00 | $13.54 | $17.69 | $15.35 |
| Dec'23 | $13.88 | $12.25 | $13.05 | $13.65 | $17.97 | $15.65 |
| Jan'24 | $14.13 | $12.46 | $13.31 | $13.79 | $18.32 | $15.59 |
| Feb'24 | $14.23 | $12.51 | $13.37 | $13.97 | $18.35 | $15.71 |
| Mar'24 | $14.22 | $12.57 | $13.27 | $13.95 | $18.23 | $15.53 |
| Apr'24 | $14.35 | $12.64 | $13.48 | $14.03 | $18.29 | $15.45 |
| May'24 | $14.39 | $12.64 | $13.27 | $14.07 | $18.37 | $15.54 |
| Jun'24 | $14.45 | $12.74 | $13.40 | $14.14 | $18.45 | $15.12 |
| Jul'24 | $14.47 | $12.74 | $13.37 | $14.17 | $18.67 | $15.23 |
| Aug'24 | $14.51 | $12.77 | $13.66 | $14.24 | $18.58 | $15.59 |
| Sep'24 | $14.63 | $12.78 | $13.60 | $14.26 | $18.94 | $15.67 |
| Oct'24 | $14.70 | $12.76 | $13.70 | $14.35 | $19.09 | $15.70 |
| Nov'24 | $14.79 | $12.79 | $13.76 | $14.39 | $18.87 | $16.01 |
| Dec'24 | $14.87 | $12.85 | $14.01 | $14.36 | $18.94 | $16.57 |
| Jan'25 | $15.10 | $12.97 | $14.19 | $14.67 | $19.14 | $17.49 |
| Feb'25 | $15.26 | $13.06 | $14.08 | $14.77 | $19.26 | $17.67 |
| Mar'25 | $15.28 | $13.12 | $14.15 | $14.73 | $19.20 | $17.52 |
| Apr'25 | $15.34 | $13.07 | $14.26 | $14.79 | $19.38 | $17.67 |
| May'25 | $15.34 | $13.15 | $14.20 | $14.77 | $19.62 | $17.56 |
| Jun'25 | $15.42 | $13.25 | $14.16 | $14.83 | $19.65 | $17.58 |
| Jul'25 | $15.49 | $13.29 | $14.27 | $14.93 | $19.86 | $17.54 |
| Aug'25 | $15.48 | $13.31 | $14.34 | $14.91 | $19.77 | $17.67 |
| Sep'25 | $15.70 | $13.46 | $14.35 | $15.09 | $19.99 | $17.75 |
| Oct'25 | $15.87 | $13.54 | $14.54 | $15.24 | $20.22 | $17.77 |
| Nov'25 | $15.96 | $13.59 | $14.49 | $15.36 | $20.30 | $17.82 |
| Dec'25 | $16.09 | $13.70 | $14.60 | $15.38 | $20.37 | $17.91 |
| Jan'26 | $16.20 | $13.74 | $14.74 | $15.53 | $20.46 | $17.88 |
| Feb'26 | $16.27 | $13.77 | $14.65 | $15.57 | $20.53 | $18.01 |
| Mar'26 | $16.29 | $13.83 | $14.82 | $15.61 | $20.46 | $17.88 |
| Apr'26 | $16.32 | $13.84 | $14.90 | $15.65 | $20.56 | $17.98 |
| May'26 | $16.34 | $13.87 | $14.88 | $15.65 | $20.52 | $17.95 |
| Jun'26 | $16.42 | $13.96 | $14.74 | $15.77 | $20.69 | $18.05 |
| Jul'26 | $16.50 | $14.04 | $14.93 | $15.87 | $20.82 | $18.21 |
| Aug'26 | $16.52 | $14.07 | $15.05 | $15.89 | $20.76 | $18.66 |
| Sep'26 | $16.76 | $14.24 | $15.20 | $16.03 | $21.05 | $18.79 |
Data measures average hourly wages for locations that utilized Homebase Payroll in the reporting month and same month a year before.
Jobs Added and Archived
Year-Over-Year Hiring Turns a Corner and Turnover Rises
Hiring turned positive year-over-year for the first time in nearly two years (+0.1%), while turnover climbed 6.5% versus a year ago. This is evidence that hiring may be stabilizing on Main Street even as employee churn increases.
(Year-over-year change in “Number of Jobs Added” and “Number of Jobs Archived” across all jobs)
| Period | Hiring | Turnover |
|---|---|---|
| Sep'23 | 1.8% | 5.8% |
| Oct'23 | 1.6% | 9.3% |
| Nov'23 | 2.7% | (1.4%) |
| Dec'23 | 3.3% | (9.1%) |
| Jan'24 | (1.2%) | (6.4%) |
| Feb'24 | (0.2%) | (5.0%) |
| Mar'24 | 5.0% | (0.8%) |
| Apr'24 | 4.7% | (3.2%) |
| May'24 | 6.1% | 3.6% |
| Jun'24 | 7.0% | (12.0%) |
| Jul'24 | 0.0% | (16.9%) |
| Aug'24 | (1.2%) | (16.5%) |
| Sep'24 | (2.7%) | (14.0%) |
| Oct'24 | (6.3%) | (17.4%) |
| Nov'24 | 1.2% | (2.1%) |
| Dec'24 | (8.5%) | (6.4%) |
| Jan'25 | (6.3%) | (2.8%) |
| Feb'25 | (5.3%) | (0.9%) |
| Mar'25 | (5.3%) | (5.4%) |
| Apr'25 | (5.9%) | (6.5%) |
| May'25 | (3.4%) | (14.5%) |
| Jun'25 | (4.9%) | (3.4%) |
| Jul'25 | (4.7%) | 0.8% |
| Aug'25 | (2.7%) | (1.5%) |
| Sep'25 | (6.0%) | (3.5%) |
| Oct'25 | (2.8%) | (4.2%) |
| Nov'25 | (6.8%) | (5.2%) |
| Dec'25 | (2.4%) | 0.2% |
| Jan'26 | (2.7%) | (1.8%) |
| Feb'26 | (2.3%) | (7.7%) |
| Mar'26 | (0.6%) | (1.4%) |
| Apr'26 | (1.8%) | 1.3% |
| May'26 | (1.4%) | (1.4%) |
| Jun'26 | (2.8%) | (1.5%) |
| Jul'26 | (1.5%) | (1.3%) |
| Aug'26 | (2.3%) | 10.7% |
| Sep'26 | 0.1% | 6.5% |
Data measures average monthly change in official employee roster jobs added and archived.
Number of Jobs Added
Hiring Momentum Is Mixed
Jobs added fell 1.5% month-over-month, even as hiring turned positive year-over-year (+0.1%) for the first time in nearly two years. This is a mixed signal on whether the hiring slowdown is bottoming out and something the team will monitor.
(Monthly change in average “Number of Jobs Added” across all jobs)
| Period | 2024 | 2025 | 2026 |
|---|---|---|---|
| Jan | 0.0% | 0.0% | 0.0% |
| Feb | 3.1% | 4.1% | 4.6% |
| Mar | 1.4% | 1.4% | 3.1% |
| Apr | 7.2% | 6.5% | 5.2% |
| May | 5.0% | 7.8% | 8.2% |
| Jun | (0.5%) | (2.1%) | (3.4%) |
| Jul | (12.6%) | (12.4%) | (11.3%) |
| Aug | 9.6% | 12.0% | 11.1% |
| Sep | (0.5%) | (3.9%) | (1.5%) |
| Oct | (9.7%) | (6.7%) | no data |
| Nov | 2.9% | (1.3%) | no data |
| Dec | (11.8%) | (7.6%) | no data |
Data measures average monthly change in official employee roster jobs created.
Number of Jobs Archived
Turnover Momentum Bears Watching
Jobs archived fell 6.7% month-over-month, but turnover is still up 6.5% year-over-year. This could be a signal of rising retention costs even as departures ease seasonally.
(Monthly change in average “Number of Jobs Archived” across all jobs)
| Period | 2024 | 2025 | 2026 |
|---|---|---|---|
| Jan | 0.0% | 0.0% | 0.0% |
| Feb | (2.5%) | (0.6%) | (6.6%) |
| Mar | 0.0% | (4.6%) | 2.0% |
| Apr | 3.0% | 1.9% | 4.7% |
| May | 14.9% | 5.1% | 2.3% |
| Jun | (12.0%) | (0.5%) | (0.6%) |
| Jul | (5.8%) | (1.8%) | (1.6%) |
| Aug | 11.6% | 9.0% | 22.3% |
| Sep | (1.0%) | (3.0%) | (6.7%) |
| Oct | (5.4%) | (6.1%) | no data |
| Nov | 0.1% | (0.9%) | no data |
| Dec | (11.7%) | (6.7%) | no data |
Data measures average monthly change in official employee roster jobs archived.
How we measure Main Street
The dataset is based on Homebase data gathered from more than 150,000 businesses and 2 million hourly employees active in the US on our platform, one of the largest and most trusted sources of real-time data on employment growth across the small business landscape.
Data from prior years uses similar cohort-based logic. Unless indicated otherwise, daily figures are calculated relative to the median value for that specific day for the baseline month, net of the first four days of the month.
Every chart on this page is drawn from the underlying figures rather than copied from the PDF. Those figures come from the same model the report is built on, which is refreshed each month as more timesheets land, so a value here may differ slightly from the one printed in the original slide. The PDF stays available above as published.
If you use any content from this report, please include a link to joinhomebase.com.
Measured from timesheets, not surveys
- Hourly employees
- 2M+
- Small businesses
- 150K+
Hourly employees
Small businesses
- Hours worked
Calculated from hours recorded in Homebase timecards.
- Businesses open
Based on whether a business had at least one employee clock-in.
- Employees working
The distinct number of hourly workers with at least one clock-in.
- Wage inflation
The monthly change in average hourly wages at businesses that ran Payroll with Homebase in September 2026 and September 2025.
The story behind the numbers
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