Small Business Startup News

Job Growth Dips Ever So Slightly In February

Written by Jenna Weiner
Published: 3/1/2011

New Intuit report finds that small business employment gained by 0.3 percent in February.

Matching other reports of flatlining optimism and lending levels, a recent study shows only slight growth in employment for February, giving small business news indications that the recession is going to continue its snail pace of a recovery.

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Small business employment increased by 0.3 percent in February, marking an annual growth rate of more than 3 percent, the Intuit Small Business Employment Index reports. However, combating this increase, albeit minor, was a similarly small decrease in compensation.

The report found that while hourly employees worked 107.6 hours in February - a 0.1 percent increase from January - compensation decreased by 0.1 percent.

"Small businesses are hiring and their people are working more hours, but measures of compensation are pretty flat, showing that the labor market is still soft. While the rise in employment is good news, this rate of increase is still not going to get us back to full employment very fast," said Susan Woodward, who helped create the index.

Currently, the national employment rates stands at 9 percent.

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