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June Records Strongest Job Growth in Three Months
These are among the results of the monthly
The employment index shows that employment increased by 0.3 percent in June, for an annualized rate of 4.1 percent — the strongest rate of growth that small businesses have seen in the past three months. This equates to approximately 70,000 new jobs created, although Intuit is recalibrating the index and expects these numbers to change.
Average monthly compensation grew by 0.5 percent, or
The revenue index indicates that small businesses overall saw revenue
decline in May. Among the industries tracked by the index, the
construction and real estate fields were the only ones to see an
increase, which posted 0.5 and 0.1 percent gains, respectively. The
index is based on data from QuickBooks
Online and covers the period from
"This month's employment figures are strong and indicate more progress
to a full recovery than do the revenue figures," said
"The rise in compensation and the hourly wage suggest that the labor market for the smallest firms is a bit firmer than it has been for several years," said Woodward. "The low hiring rate, however, indicates that small business employees are not yet feeling too secure and are sticking with the jobs they have. When a full recovery is underway, the small business hiring rate will likely rise as big firms hire people away from small firms, but this is not yet happening."
Small Business Revenue Index
Small businesses overall saw revenue decline by 0.12 percent in May. Broken down by specific sectors, the accommodation and food services, professional services and health care categories were among those to post declines, while construction and real estate were the only sectors to post revenue increases.
| Sector | Monthly Change (%) | |
| All | -0.12% | |
| Construction | +0.5% | |
| Real estate and rental and leasing | +0.10% | |
| Health care and social assistance | -0.01% | |
| Professional, scientific, and technical services | -0.03% | |
| Retail trade | -0.16% | |
| Accommodation, food services, and drinking places | -0.3% | |
| Other services | -0.8% | |
The Intuit Small Business Revenue Index is based on data from approximately 150,000 small businesses, a subset of the total QuickBooks Online financial management user base.
Small Business Employment Index
The healthy 0.3 percent gain in small business employment for June strengthens the growth rate of the last several months. As a result, Intuit revised upward the previously reported May growth rate from 0.2 to 0.4 percent. This equates to 75,000 jobs added in May, up from a previously reported 60,000 jobs, though these numbers are expected to change once the index is recalibrated.
Increase in Hours Worked, Compensation
Small business hourly employees worked an average of 110.7 hours in June, an increase of 0.3 percent, or around 18 minutes, from the revised figure of 110.4 hours in May, making for a 25.6-hour workweek.
Average monthly pay for all small business employees increased to
Small Business Employment by Geography
The employment index shows overall employment growth in June for all
census divisions except for the West North Central division, which
remained flat. Increases were seen in all states statistically
significant to the index, with the exception of
| U.S. Census Division | Percent Change in Employment | |
| East North Central | +0.4% | |
| West North Central | +0.00% | |
| Middle Atlantic | +0.08% | |
| Mountain | +0.7% | |
|
|
+0.5% | |
| Pacific | +0.5% | |
| South Atlantic | +0.4% | |
| East South Central | +0.6% | |
| West South Central | +0.3% | |
Small Business Employment by U.S. Census Division continues to grow in all parts of the country. The data reflects employment from approximately 80,000 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% | |
|
|
+0.4% | |
|
|
+0.6% | |
|
|
+0.4% | |
|
|
+0.3% | |
|
|
+0.3% | |
|
|
+0.6% | |
|
|
+0.4% | |
|
|
+0.3% | |
|
|
+0.09% | |
|
|
+0.07% | |
|
|
+0.4% | |
|
|
+0.3% | |
|
|
+0.0% | |
|
|
+0.4% | |
|
|
+0.5% | |
|
|
+0.5% | |
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 is based on anonymized, aggregated data from 150,000 small businesses, a subset of users that use Intuit's QuickBooks Online financial management offering. The employment index is based on anonymized, aggregated data from 80,000 small business employers, a subset of users that use Intuit Online Payroll. Together, the indexes provide a more complete picture of the economic health of the nation's small businesses. More information on the Intuit Small Business Indexes is available at index.intuit.com.
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tammy_lam@intuit.com
or
vpiccinini@accesspr.com
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