Small Business Employment Continues Tepid Growth

Revenues Drop, Construction Revenues Increase

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)– U.S. small business employment increased slightly in March, with employees earning more money and working more hours. Small business revenues continued to drop in February, while the construction industry was the sole sector to see an increase.

Those are among the findings of the monthly Intuit Inc. (NAS: INTU) Small Business Employment and Revenue Indexes. The report found that:

• Employment increased by 0.06 percent in March, adding 10,000 new jobs, for an annualized growth rate of 0.7 percent. About 20 million people are now employed in businesses with 1 to 19 employees.
• Average monthly compensation grew by 0.4 percent in March on a seasonally adjusted basis, or $12, the same increase reported in February.
• Average monthly hours worked increased by 0.2 percent, or 18 minutes, compared to the increase of 12 minutes reported in February.

This employment index is based on data from Intuit Online Payroll and QuickBooks Online Payroll, covering the period from Feb. 24 through March 23.

“National employment is growing slowly, and small business employment is growing even more slowly,” said Susan Woodward, the economist who worked with Intuit to create the indexes. “While overall employment has risen 4.5 percent in three years, small business employment has risen only 1.4 percent over the same three years—an annual rise of half a percent per year.”

As small businesses slowly recover, Intuit and LinkedIn are hosting the Hire Smart Small Business Event to help employers make the right decisions when hiring workers. Hire Smart is a free event that will be held at Intuit’s Mountain View, Calif. campus on April 27 and will be streamed live online. The event will offer guest speakers, expert advisors, and free resources to assist new and growing businesses. To register, visit: www.HireSmartNow.com.

Increase in Hours Worked, Compensation

Small business hourly employees worked an average of 108.3 hours in March, up slightly from the revised figure of 108 hours in February, …read more
Source: FULL ARTICLE at DailyFinance