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Two More Years of Similar Employment Growth Needed to Reach Prerecession Levels
These are among the results for the monthly
The Small Business Revenue Index shows that revenues have been growing
slowly and are starting to gradually approach 2007 prerecession levels
with an upturn in revenues for certain industries, a flat level for
others, and no decline for any. The index is based on data from QuickBooks
Online and covers the period from
The Small Business Employment Index shows that employment expanded
slowly growing by 0.2 percent in May, for an annualized rate of 2.5
percent. The index is based on data from Intuit
Online Payroll and covers the period from
"The employment and revenue indexes tell a consistent story," said
Small Business Revenue Index
In April, retail, professional services and other services saw upticks in revenue, with small improvements in the construction and real estate industries. Small businesses in the accommodation and food service industry, along with the health care and social services sector, saw flat revenue levels.
"The industry breakouts of the revenue indexes help us understand why the recovery is slow — construction is still far below normal," said Woodward. "We know from other federal data as well that construction is still very depressed. Single family construction is running about 600,000 units per year, compared to 1.5 million units per year in normal times."
Small Business Employment Index
Small business employment increased by 0.2 percent in May, which equates to approximately 40,000 jobs created, though Intuit is recalibrating the Index and expects these numbers to change.
Based on May's numbers and revised national employment data from the
Decrease in Hours Worked, Compensation
Small business hourly employees worked an average of 106.4 hours in May, a decrease of 0.6 percent, or around 42 minutes, from the revised figure of 107.1 hours in April, making for a 24.6-hour workweek.
Average monthly pay for all small business employees decreased to
Small Business Employment by Geography
The Employment Index shows overall employment growth in May for all
census divisions, with the Mountain and East South Central Regions
seeing the most growth. A state breakdown shows increases in all states
that the index covers except for
| U.S. Census Division | Percent Change in Employment | ||
| East North Central | 0.2% | ||
| West North Central | 0.01% | ||
| Middle Atlantic | 0.07% | ||
| Mountain | 0.6% | ||
|
|
0.3% | ||
| Pacific | 0.3% | ||
| South Atlantic | 0.3% | ||
| East South Central | 0.6% | ||
| West South Central | 0.2% |
Small Business Employment by U.S. Census Division continues to grow in all parts of the country. The data reflects employment from approximately 78,000 small business employers, a subset of small businesses that use Intuit Online Payroll. The month-to-month changes are seasonally-adjusted and informative about the overall economy.
| State | Percent Change in Employment | ||
|
|
0.6% | ||
|
|
0.2% | ||
|
|
0.6% | ||
|
|
0.4% | ||
|
|
0.3% | ||
|
|
0.05% | ||
|
|
0.4% | ||
|
|
0.3% | ||
|
|
0.3% | ||
|
|
0.16% | ||
|
|
0.16% | ||
|
|
0.3% | ||
|
|
-0.12% | ||
|
|
-0.3% | ||
|
|
0.3% | ||
|
|
0.5% | ||
|
|
0.4% |
Small Business Employment by State is up for most states in which Intuit Online Payroll has more than 1,000 small business firms represented. The month-to-month changes are seasonally adjusted and informative about the overall economy.
About The Intuit Small Business Indexes
The Intuit Small Business Indexes provide unique, near real-time
information each month on the activity of the smallest businesses in the
U.S. in terms of revenue, hiring and compensation trends. The Revenue
Index, which covers the period from
More information on the Intuit Small Business Indexes is available at index.intuit.com.
About
Founded in 1983, Intuit had annual revenue of
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of
sharna_brockett@intuit.com
or
vpiccinini@accesspr.com
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