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Small Business Employment Showing Steady Gains

Written by Ken Gaebler
Published: 6/30/2010

Small business job growth rose slightly last month, according to economic data recently issued by Intuit.

A new study shows that small business job growth has continued on a steady - but slow - rate for the month of June.

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The Intuit Small Business Employment Index found that employment grew by 0.09 percent during the month. That equates to approximately 18,000 new jobs and a 1.1 percent annual growth rate.

"Employment rose, but the rise was at a slower rate for June than for previous months," said Susan Woodward, an economist who worked with Intuit to create the index. "At this point in a recovery, the labor market is still sufficiently slack so small businesses should still be hiring vigorously. They are hiring, but not as fast as in the first quarter."

The index also showed small rises in both in the average number of hours worked and compensation - meaning that small business owners have been giving more work to current employees.

The rise in compensation, although slow, is another indication of the recovering jobs market - good news for small business owners. MarketWatch recently reported that a depressed hiring market was allowing companies to offer salaries 15 to 20 percent below pre-recession levels.

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