Intuit Indexes Show Small Businesses Added
15,000 new Jobs
Intuit Inc. (Nasdaq:INTU) today issued its monthly Small
Business Employment and Revenue Indexes. Below are topline results
from each of the reports:
Small Business Employment Index
- U.S. small businesses added 15,000 new
jobs in February, making for more than 910,000 jobs added since
March 2010.
- Hourly employees worked an average of
108.4 hours in February, down 5.4 minutes, or 0.09 percent, from
January’s revised figure.
- Small business employees’ monthly pay
decreased by 0.05 percent, with average compensation reaching
$2,760, down $1 from January.
These findings come from the monthly Intuit QuickBooks Small
Business Employment Index and are based on data from Intuit Online
Payroll and QuickBooks Online Payroll, covering the period from
Jan. 24 – Feb. 23.
Small Business Revenue Index
- Revenues per small business decreased
by 0.2 percent in January, which translates to a decline of 1.8
percent when annualized.
- The industry with the largest increase
in revenues per business is Other Services, which showed a rise of
4.1 percent on an annualized basis, followed by Construction, with
an annualized rise of 3 percent.
- The largest decline was in Real Estate
Services, which fell 9.9 percent on an annualized basis, and 0.9
percent in January
This index is based on data from QuickBooks Online, covering the
period from Jan. 1-31.
A Closer Look at Results
- The Small Business Employment
Index
In February, small business employment expanded modestly. “In
the years since the recovery began, small business employment has
not expanded as fast as employment for larger businesses; In
February, this trend continued. While the national hourly wage
dipped from November to December 2014, reversing some of the gains
from previous months, the small business hourly wage did not dip,
and has not dipped in January or February either,” said Susan
Woodward, the economist who works with Intuit to produce the Small
Business Employment and Revenue Indexes.
“Next month will be the five-year anniversary of restored
employment growth for small business. Businesses with fewer than 20
employees now employ 20. 6 million people, about 17.4 percent of
private employment and 15 percent of all workers,” Woodward
said.
The hourly wage for February was up by 3 cents, but hours worked
were down 6 minutes for the month, resulting in a drop of total
monthly compensation per employee of $1.50. The fraction of hourly
workers who worked full-time was down slightly also, however the
hiring rate was up again. All figures are seasonally adjusted.
The fastest growth has been concentrated in the West and
Mountain states, with Oregon, Pennsylvania, Idaho and Nevada
leading. The states with the slowest employment growth were around
the Great Lakes (notably Michigan and Minnesota) and New England,
especially Massachusetts. These states have seen low employment
growth for four months running now. “Note the Intuit figures are
adjusted for seasonality but not for unusual weather, and this
winter has been especially cold in the Northeast and Midwest.”
Total compensation rose in the central and mountain census
divisions, but fell on the coasts.
- Small Business Revenue Index
After falling slightly in December 2014, small business revenues
fell again in January 2015. Revenues declined at an annual rate of
1.8% in January.
“Until this month of declining small business revenues, we had
not seen a decline in the average revenue per business across all
industries since April 2009, when small business revenues began to
grow again,” said Woodward. “As with the employment numbers, these
figures are seasonally adjusted and the decline is not attributable
to the overall drop in economic activity seen every January, but
the decline may be the result of the unusually cold and snowy
winter in the East and Midwest.”
For much of the recovery, Professional Services showed the
fastest revenue growth. But over the past 6 months, both Other
Services and Construction have grown faster than Professional
Services, as they continued to do in January. Growth in revenues
for Health Care businesses was middling, 0.1 percent for the month,
1.2 percent annualized. “There are interesting and persistent
differences in the volatility of revenues across industries,” said
Woodward.
About the Intuit Small Business Indexes
The Intuit Small Business Indexes provide unique, near real-time
information each month on the activity of the smallest businesses
in the U.S. in terms of revenue, hiring and compensation
trends.
The Employment Index is based on anonymized, non-identifiable
aggregated data from approximately 251,800 small business
employers, a subset of users that use Intuit Online Payroll and
QuickBooks Online Payroll. The Revenue Index is based on
anonymized, non-identifiable aggregated data from approximately
150,000 small businesses, a subset of users that use Intuit’s
QuickBooks Online financial management offering and are matched in
Dun & Bradstreet’s small business industry classifications.
Together, the indexes provide a more complete picture of the
economic health of the nation’s small businesses. More information
on the Intuit Small Business Indexes is available at
index.intuit.com.
About Intuit Inc.
Intuit Inc. creates business and financial management
solutions that simplify the business of life for small businesses,
consumers and accounting professionals.
Its flagship products and services
include QuickBooks®, Quicken® and TurboTax®, which
make it easier to manage small businesses and payroll
processing, personal finance, and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent way
for people to manage their money, while Demandforce® offers
marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's leading tax preparation offerings
for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its
fiscal year 2014. The company has approximately 8,000 employees
with major offices in the United States, Canada,
the United Kingdom, India and other locations. More
information can be found at www.intuit.com.
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Intuit Inc.Stephen Sharpe,
650-224-2362Stephen_Sharpe@Intuit.comorAccess CommunicationsBitsy
Rich, 917-522-3516brich@accesspr.com
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