Intuit Index Finds Increased Small Business Hiring In May
Written by Ken Gaebler
New index numbers from Intuit show an increase in both small business hiring and compensation per worker in May.
Intuit's Small Business Employment Index had good news for entrepreneurs this month - the index rose by 0.1 percent, the equivalent of a 1.6 percent annual growth rate.
While the number of monthly hours worked declined by 0.1 percent in May, the data found that compensation per worker increased, indicating that economic recovery is taking place. Compensation grew to $2,566 per month, an increase of 0.3 percent.
"We continue to see modest growth for small business employment," said Cameron Schmidt, vice president of Intuits Employee Management Solutions division. "While signs of a recovery have slowed slightly this month, the data overall still continues to show an upward trend."
The rise in small business employment translates to approximately 25,000 new jobs this month. Revised estimates put the total number of jobs gained since October 2009 at 240,000. Results are based on small businesses using Intuit Online Payroll.
While it is still positive news, the index's rise is not as significant as it was in April. Last month's report indicated growth of 0.33 percent - equating to approximately 66,000 new jobs.
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