MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
U.S. small business employment declined by 10,000 jobs in July, while
average compensation and hours worked also dropped. Small business
revenues saw an overall decline of 0.3 percent in June, with the
exception of the construction industry, which recorded a 0.2 percent
increase.
Those are among the findings of the monthly Intuit
Inc. (INTU) Small
Business Employment and Revenue Indexes. The report found that:
- Employment dropped 0.05 percent in July.
-
Average monthly compensation decreased 0.2 percent in July, with
average monthly pay reaching the equivalent of $2,692, down $7 from
June. -
Average monthly hours worked by hourly employees decreased by 0.3
percent in July, which is equivalent to 107.6 hours, down 18 minutes
from June.
This employment index is based on data from Intuit
Online Payroll and QuickBooks
Online Payroll, covering the period
from June 24 through July 23.
“The recovery for small business has been slower and more bumpy than for
big business,” said Susan
Woodward, the economist who worked with Intuit to create the
indexes. “Total employment has risen 5.1 percent from its bottom in
January 2010, but employment for businesses with fewer than 20 employees
has risen only 2 percent from its bottom in March 2010.
“Small business revenues have declined 2.5 percent on a per-business
basis from their peak in November 2012. It’s unclear why revenues are
dropping across industries. But we can attribute the decline in revenues
per business in the real estate sector partly to more real estate agents
entering the market, taking business from existing agents.”
Decrease in Hours Worked, Compensation
Small business hourly employees worked an average of 107.6 hours in
July, making for a 24.8-hour work week, down slightly from June’s figure
of 107.9 hours.
Average monthly pay for small business employees decreased from $2,699
in June to $2,692 in July. The equivalent yearly wages would be about
$32,300.
Small Business Employment Changes Slight and Sporadic
Of the 36 states tracked by Intuit’s Small Business Employment Index, 22
showed employment gains, while 13 saw declines and one remained flat.
Missouri saw the greatest employment gain, at 0.12 percent, while
Oklahoma saw the greatest decline at 0.07 percent.
By census divisions, the Pacific region, which includes California, saw
a decline of 0.01 percent. The rest of the divisions saw gains, with the
exception of the South Atlantic, which remained flat.
Small Business Revenue Continues Overall Decline
The June revenue index showed a 0.3 percent drop in overall small
business revenue on a per-business basis.
The accommodation and food services sector led the decline among
industries tracked, falling 0.6 percent. The retail industry followed
with a 0.4 percent drop.
Conversely, construction increased by 0.2 percent. This index is based
on data from QuickBooks
Online, covering the period from June 1-30.
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 and mid-sized 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 $4.15 billion in its fiscal year
2012. The company has approximately 8,200 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.
