July Showed Higher-than-usual Rise in
Revenues
Intuit Inc. (Nasdaq:INTU) issued its monthly Small Business
Employment and Revenue Indexes. Below are topline results from each
of the reports.
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Small Business Employment Index – August
- U.S. small business employment fell by
5,000 jobs in August, a decline of 0.02 percent for the month.
- Hourly employees worked an average of
110.1 hours in August, an increase of 20 minutes from July’s
revised figure.
- Small business employees’ monthly pay
increased by 0.30 percent – the equivalent of $8, with average
monthly compensation reaching $2,838. Compensation is $44 per month
higher than a year ago.
These findings come from the monthly Intuit Small Business
Employment Index and are based on data from Intuit Online Payroll
and QuickBooks Online, covering the period from July 24 – Aug.
24.
The Intuit QuickBooks Small Business Employment Index
shows a decrease of 0.02 percent in August. The Employment Index
reflects data from approximately 264,356 small business employers,
a subset of small businesses that use Intuit Online Payroll and
QuickBooks Online Payroll.
Small Business Revenue Index – July
- Revenue per small business increased
0.4 percent across all industries. That translates to an annualized
rate of increase of 4.3 percent.
- The Real Estate, Rental and Leasing
industry showed the greatest increase in monthly revenue, rising
0.6 percent.
- The Accommodation, Food Service and
Drinking Places industry saw a very small decline in revenue from
last month of 0.02 percent.
This index is based on data from QuickBooks Online, covering the
period from July 1-30.
Small Business Employee Monthly Hours Worked for hourly
employees increased by 0.30 percent in August. The levels reflect
data from approximately 777,163 hourly employees of the Intuit
Online Payroll and QuickBooks Online Payroll customer set of
approximately 264,356 small businesses and is not necessarily
representative of all small businesses.
A Closer Look at Results
- The Small Business Employment
Index
Small business employment fell by 5,000 jobs in August, an
annual rate of 0.30 percent. However, Susan Woodward, the economist
who works with Intuit to produce the indexes, said this change is
very small.
“July’s figure was revised up by 2,000 jobs. The level of small
business employment is 20.7 million jobs, so the August decline
doesn’t indicate a clear or major sign of softness in the labor
force,” Woodward said.
Over the past year, total payroll employment rose by about
240,000 jobs per month, to 142 million in July. At the same time,
small business employment rose by about 16,000 jobs per month.
As seen in last month’s Employment Index, small business hiring
rose in nearly all the states tracked by Intuit Online Payroll,
with the largest gains in Idaho, Nevada, Minnesota and Alabama, the
same states who were the biggest gainers last month.
“The hiring rate has been rising steadily since July 2009 when
it reached a low of 4.75 percent. The small business hiring rate,
now 5.27 percent, is higher than the hiring rate nationally, which
is now about 3.7 percent, because labor turnover has always been
higher for small business,” said Woodward.
Small Business Employee Monthly Compensation for all
employees increased 0.30 percent in August. This data includes the
compensation paid by small business owners to themselves. The
levels reflect data from approximately 1.2 million employees of the
Intuit Online Payroll and QuickBooks Online Payroll customer set of
264,356 small businesses, and are not necessarily representative of
all small business employees.
- Small Business Revenue Index
In July, small businesses saw a higher-than-usual rise in
revenues. Across all industries, revenues rose 0.4 percent for the
month, or 4.3 percent at an annual rate. The rate of increase for
July is higher than the 3.3 percent rate over the past year. The
Real Estate, Rental and Leasing and Construction industries posted
the biggest gains this month, while the Accommodation, Food
Services and Drinking posted the only decline, falling 2.7 percent
at an annual rate. Over the last year, all industries have seen a
gain, with the largest rise in Construction, at 5.3 percent.
“While small business revenue has only shown small gains for
November 2014 through February 2015, there is no longer a winter
’mini-recession’ for small business,” Woodward said.
The Intuit QuickBooks Small Business Revenue Index is
based on data from more than 240,000 small businesses, a subset of
the total QuickBooks Online user base.
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 264,356 small business employers, a subset of
users of Intuit Online Payroll and QuickBooks Online. The Revenue
Index is based on anonymized, non-identifiable aggregated data from
240,000 small businesses, a subset of users of Intuit’s QuickBooks
Online with industry identification from Dun & Bradstreet.
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®, and
TurboTax® and Mint.com, which make it easier to manage small
businesses and payroll processing; tax preparation and filing; and
personal finance. ProSeries® and Lacerte® are Intuit's leading tax
preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its
fiscal year 2015, with approximately 7,700 employees in 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.Sarah Voros,
650-944-4385sarah_voros@intuit.comorAccess CommunicationsKatie
Sells, 415-844-6246ksells@accesspr.com
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