U.S. small business employment growth continued and added 20,000 more jobs.
Intuit’s June Small Business Indexes, a monthly report providing unique and almost real-time insight into employment and revenue trends of the nation’s small businesses with fewer than 20 employees, showed that small business employment increased 0.10 percent in June. The data is based on approximately 235,000 small businesses customers of Intuit Online Payroll and QuickBooks Online Payroll, covering the period from May 24 through June 23.
The May Intuit Small Business Revenue Index showed significant growth in revenue, by over three-quarters of one percent; which shows small businesses are recovering from recessionary depths, according to the Revenue Index data. The Revenue Index is based on anonymized aggregated data from over 150,000 QuickBooks Online small businesses, and is the first in the market to provide current information on monthly per business small business revenue.
The June Indexes also shows:
• Hourly small business employees saw an increase in monthly compensation by 0.03 percent with average monthly pay reaching the equivalent of $2,715, up $1 from May.
• Average monthly hours worked by hourly employees decreased by 0.02 percent in June; this is equivalent to 107.2 hours, down approximately 1 minute from May’s revised figure.
• Small business revenues overall saw an increase of 0.8 percent in May on a per-business basis. ‘Professional services’ showed the largest increase of 0.8 percent, while the ‘Health care and social assistance’ industry saw the smallest increase of 0.14 percent.
• All industries tracked by the Revenue Index showed significant increases.
