Small Business Finance News
Wages Rise, Hiring Falls For Small Businesses In June
Written by Jenna Weiner
Recent data indicates that employers are paying workers more, but hiring less in the current economy.
According to the latest news for small businesses, hiring in the small business sector weakened from May to June.
New numbers from an independent study by Intuit, a payroll processing company, suggest that hiring in the small business sector dropped from May to June. Intuit said that small businesses added 45,000 jobs in June after increasing the number of employees by 60,000 in May. The survey was based on responses from 66,000 employers at businesses with 20 employees or less that use the Intuit online Payroll. The period covered during this survey was May 24 to June 23.
The number of hours worked and the amount of compensation also rose slightly in June, the report said. Small business employees worked an average of 108.7 hours in June, up 0.2 percent from May. The average monthly pay was $2,643, also a 0.2 percent increase from May.
"It's good to see an increase in the number of hours worked," said Susan Woodward, an economist who worked with Intuit to create the index used. "Last month I was worried when hours worked dipped slightly, so it's reassuring to see this increase."
A Reuters poll said that nonfarm payrolls are expected to have added 90,000 jobs in June, up from a 54,000 increase in May.
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