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Employment Remains Tepid While Revenue Continues to Decline
These are among the results for the monthly
The Small Business Employment Index shows that employment rose by 0.2
percent in September, which is an annualized growth rate of 2.5 percent.
The growth equates to approximately 40,000 new jobs created in
September, although Intuit is recalibrating the employment index and
expects these numbers to change. Average monthly compensation grew by
0.6 percent, or
The Small Business Revenue Index indicates that August small business
revenue fell by 0.4 percent from the previous month. Continuing July's
trend, the retail industry, along with the accommodation and food
services sector, saw the biggest declines at minus 0.7 percent
respectively. Construction followed with a decline of 0.6 percent. The
index is based on data from QuickBooks
Online and covers the period from
"This month's indexes bring both good and bad news," said
"The good news is that more people are going into business for
themselves. After five years of declining self-employment beginning in
Small Business Revenue Index
Small businesses overall saw a decline in revenue in August. The health
care and social assistance saw the smallest decline of all the
industries, at minus 0.3 percent, which is slightly less than the 0.4
percent decline seen in the previous month. The health care sector, has
however, had the longest decline, starting in
| Sector | August Change in Revenue | |||
| All | - 0.4% | |||
| Accommodation, food services and drinking places | - 0.7% | |||
| Retail trade | - 0.7% | |||
| Construction | - 0.6% | |||
| Professional, scientific and technical services | - 0.5% | |||
| Real estate and rental and leasing | - 0.5% | |||
| Other services | - 0.3% | |||
| Health care and social assistance | - 0.3% |
The Intuit Small Business Revenue Index is based on data from more than 100,000 small businesses, a subset of the total QuickBooks Online financial management user base.
Small Business Employment Index
Based on September's numbers and revised national employment data from
the
Increase in Hours Worked, Increase in Compensation
Small business hourly employees worked an average of 107.2 hours in September, an increase of 0.18 percent, or about 12 minutes, from the revised figure of 107.0 hours in August, making for a 24.7-hour workweek.
Average monthly pay for all small business employees rose to
Small Business Employment by Geography
The Employment Index showed growth in overall employment in September
for all regions except for the West North Central and the Middle
Atlantic divisions, which fell by 0.13 percent and 0.05 percent
respectively. A state-by-state breakdown showed the largest employment
increases in
| U.S. Census Division | Percent Change in Employment | |||
| East North Central | + 0.3% | |||
| West North Central | - 0.13% | |||
| Middle Atlantic | - 0.05% | |||
| Mountain | + 0.10% | |||
|
|
+ 0.12% | |||
| Pacific | + 0.3% | |||
| South Atlantic | + 0.3% | |||
| East South Central | + 0.14% | |||
| West South Central | + 0.4% |
Small Business Employment by U.S. Census Division continues to grow in most parts of the country. The data reflects employment from approximately 84,000 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 | Change in Employment | |||
|
|
+ 0.02% | |||
|
|
+ 0.40% | |||
|
|
+ 0.30% | |||
|
|
+ 0.50% | |||
|
|
+ 0.20% | |||
|
|
+ 0.20% | |||
|
|
+ 0.40% | |||
|
|
- 0.04% | |||
|
|
+ 0.80% | |||
|
|
+ 0.16% | |||
|
|
- 0.20% | |||
|
|
+ 0.02% | |||
|
|
- 0.13% | |||
|
|
- 0.09% | |||
|
|
+ 0.40% | |||
|
|
+ 0.18% | |||
|
|
+ 0.50% |
Small Business Employment increased for most states in which Intuit Online Payroll has more than 1,000 small business firms. 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 approximately 100,000 small businesses, a subset of users that use Intuit's QuickBooks Online financial management offering and are matched in Dun & Bradstreet's small business industry classifications. The Employment Index is based on anonymized, aggregated data from 84,000 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.
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
tammy_lam@intuit.com
or
vpiccinini@accesspr.com
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