U.S. small business employment gained 10,000 jobs in January, although
the pace of growth slowed slightly. Meanwhile, hourly employees made
slightly less money and worked fewer hours. Overall, small business
revenue declined 0.5 percent in December.
Those are among the findings of the monthly Intuit
Inc. (Nasdaq: INTU) Small
Business Employment and Revenue Indexes. The figures also revealed:
-
Employment increased 0.04 percent from December to January.
-
Average monthly compensation fell 0.02 percent in January, a decrease
of 50 cents from December.
-
Average monthly hours worked by hourly employees declined 0.2 percent
in January, a decrease of approximately 12 minutes from December.
The employment index is based on data from Intuit
Online Payroll and QuickBooks
Online Payroll, covering the period from Dec. 24 through Jan. 23.
“Businesses with 1 to 19 employees now employ 20.3 million people,” said Susan
Woodward, the economist who works with Intuit to create the indexes.
“That number is still below the 21.2 million they employed in March
2007, but it is a welcome change from the employment stall from May
through October.”
Slight Declines in Hours Worked, Compensation
Hourly employees worked an average of 107.4 hours in January, which is a
12-minute decrease from December’s figure of 107.2 hours, making for a
24.7-hour work week.
Average monthly pay for small business employees also dropped slightly,
falling 50 cents to $2,703 in January. The equivalent yearly wages would
be about $32,400. This average includes wages that small business owners
pay to themselves.
Strong Regional Small Business Employment Growth
Small business employment increased in 24 of the 38 states tracked by
Intuit’s Small Business Employment Index. Ten states showed employment
declines, while four remained flat. Kentucky saw the largest employment
increase in January, at 0.3 percent. The largest decline was in
Pennsylvania, at 0.13 percent.
|
state
|
|
|
|
change
|
Alabama
|
|
|
|
0
|
Arizona
|
|
|
|
0.14
|
Arkansas
|
|
|
|
0.03
|
California
|
|
|
|
0.07
|
Colorado
|
|
|
|
0.07
|
Connecticut
|
|
|
|
-0.04
|
Florida
|
|
|
|
0.12
|
Georgia
|
|
|
|
0.07
|
Hawaii
|
|
|
|
0.03
|
Idaho
|
|
|
|
0.05
|
Illinois
|
|
|
|
-0.02
|
Indiana
|
|
|
|
0.02
|
Iowa
|
|
|
|
0
|
Kansas
|
|
|
|
0
|
Kentucky
|
|
|
|
0.3
|
Louisiana
|
|
|
|
-0.02
|
Maryland
|
|
|
|
0.09
|
Massachusetts
|
|
|
|
-0.04
|
Michigan
|
|
|
|
-0.05
|
Minnesota
|
|
|
|
0.14
|
Mississippi
|
|
|
|
0.03
|
Missouri
|
|
|
|
-0.1
|
Nevada
|
|
|
|
0.14
|
New Jersey
|
|
|
|
-0.04
|
New Mexico
|
|
|
|
0.07
|
New York
|
|
|
|
0.08
|
North Carolina
|
|
|
|
0.07
|
Ohio
|
|
|
|
0
|
Oklahoma
|
|
|
|
0.02
|
Oregon
|
|
|
|
0.17
|
Pennsylvania
|
|
|
|
-0.13
|
South Carolina
|
|
|
|
-0.05
|
Tennessee
|
|
|
|
0.03
|
Texas
|
|
|
|
0.08
|
Utah
|
|
|
|
-0.05
|
Virginia
|
|
|
|
0.02
|
Washington
|
|
|
|
0.17
|
Wisconsin
|
|
|
|
0.04
|
|
Small Business Employment results were mixed for the states in
which Intuit Online Payroll and QuickBooks Online Payroll has more than
1,000 small business firms. The month-to-month changes are seasonally
adjusted and informative about the overall economy.
Small Business Revenue Continues Decline
The December revenue index showed overall small business revenue
decreased 0.5 percent on a per-business basis. Continuing the trend from
December, all industries saw revenue decline except for the construction
and “other services” sectors, the latter of which covers
non-professional services.
The real estate services industry showed the largest decline at 1
percent. The retail industry followed, dropping by 0.8 percent.
This index is based on data from QuickBooks
Online, covering the period from Dec. 1-31.
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 Employment
Index is based on anonymized, non-identifiable aggregated data from
approximately 200,000 small business employers, a subset of users that
use Intuit Online Payroll and QuickBooks
Online Payroll. The Revenue Index is based on anonymized,
non-identifiable aggregated data from approximately 150,000 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. 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 Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
processing, personal
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India and
other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
other countries. The Intuit Small Business Payroll Index is copyrighted
by Intuit. Its contents may not be resold or modified in any way. It can
be linked to and referenced with the following attribution: “Intuit
Small Business Employment Index © Intuit Inc. All rights reserved.”
These Terms of Use supplement the Small Business Website Terms of
Service at: http://smallbusiness.intuit.com/small-business/legal/index.jsp?_requestid=178246.
Copyright Business Wire 2014