Decent Q3 Results
Paychex reported that revenue rose 7% for the fiscal third quarter, with organic revenue growth of 5%. Payroll services revenue grew 5% (4% organically) as checks-per-client rose almost 2%. HR services rose 12% (10% organic), and the company continues to see good growth in services like employee health and benefits. Earnings from the interest carry continue to be limited by the low rate environment, as the average interest rate fell 30 basis points and interest from client funds declined 7%.
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