Small Business Employment Remains Stagnant in September
September 29 2015 - 8:35AM
Business Wire
August Small Business Revenue
Declines
Intuit Inc. (Nasdaq:INTU) issued its monthly
Small Business Employment and Revenue Indexes today. Below are
topline results from each of the reports.
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Small Business Employment Index –
September
- U.S. small business employment remained
flat in September, posting a decline of 0.01 percent from the
August figure.
- Hourly employees worked an average of
109.9 hours in September, a decline of 0.06 percent from last
month’s figure, the equivalent of four minutes.
- Small business employees’ average
monthly pay increased by 0.05 percent, bringing average monthly
compensation to $2,838, up $2 from August.
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 Aug.
24 – Sept. 24.
Small Business Revenue Index –
August
- Revenue per small business decreased
0.3 percent across all industries in August. That would translate
to an annualized decline rate of 3.1 percent.
- While revenues for Construction rose by
0.09 percent, Real Estate Services saw the biggest revenue decline,
0.4 percent.
This index is based on data from QuickBooks
Online, covering the period from Aug. 1-30.
A Closer Look at Results
- The Small Business Employment
Index
In September, net hiring for small businesses
remained flat for the second consecutive month. Employment for
small business totaled 20.65 million nationally, up 155,000, or 0.8
percent, from a year ago. From August 2014 to August 2015, total
national payroll employment rose 2.1 percent.
“Despite the flat net hiring, the hiring rate,
which reflects people hired to replace leaving workers as well as
new hires, continued at 5.25 percent per month, accounting for
turnover in small business employees. The hiring rate has risen
steadily since mid-2009,” said Susan Woodward the economist who
works with Intuit to produce the indexes.
Half of the states that Intuit tracks saw
employment rise. The highest growth was in Texas, where small
business employment grew at 2.1 percent annualized. Similar to
August’s Employment Index, small business hiring continued to rise
in Nevada, Arizona and Idaho. Most states saw a slight drop in
hours worked for hourly workers, but a slight rise in total
compensation.
- Small Business Revenue Index
Reversing the higher-than-usual revenue growth
reported in July, small businesses saw a revenue decline in August.
Revenues declined across all industries by 0.3 percent, an
annualized rate of 3.1 percent.
The Real Estate Services industry reported the
biggest decline, with revenue falling 0.4 percent, or 5.2 percent
annualized.
“These figures reflect the National Association
of Realtors estimate that home sales fell by 4.8 percent on an
annualized basis in August,” Woodward said. “Over the history from
2004, the highest variation in revenue change per month is for Real
Estate Services.”
From August 2014 to August 2015, all industry
groups saw a rise in revenue – 1.4 percent overall – with
Construction having the largest increase of 4.1 percent.
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 267,074 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®, which make
it easier to manage small businesses and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent way for
people to manage their money while 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. The company has approximately
7,700 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.Sarah Voros,
650-944-4385sarah_voros@intuit.comorAccess CommunicationsKatie
Sells, 415-844-6246ksells@accesspr.com
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