Small business hiring falls slightly in March after 3 months of gains: Paychex

Small business hiring fell slightly in March after three months of positive gains, according to a Paychex report on Tuesday.

The Small Business Jobs Index decreased 0.05 percent from the previous month to 100.73. Year-over-year, the pace of small business employment growth is essentially unchanged, the human resources solution firm said.

The national index averaged 100.71 during the first quarters of 2016 and 2017.

"This month's jobs index once again reflects consistent small business job growth, far above pre-recession levels," Martin Mucci, Paychex president and CEO, said in a release.

Tennessee remains the top-ranked state, the report said. Dallas became the country's new top metro area for small business jobs, following a 1.45 percent one-month decrease in Atlanta, which had held the top position.

Last month, Mucci attributed the growth to President Donald Trump's pro-business agenda, including tax reform, regulation rollback and the potential for health care reform.

After the House Republicans' failed health-care bill last month, Trump said the administration would move on a plan to broadly cut taxes.

Like repealing and replacing Obamacare, reducing tax rates was a central promise by Trump during his presidential campaign. Investors have had doubts about the time frame for a tax proposal, with some not expecting reform until next year.