Revenues Increased for All But One Industry in June
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
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 – July
U.S. small businesses added 10,000 new jobs, making for more than
920,000 jobs added since March 2010 and employment growth of 0.05
percent for the month, slower than the 16,000 jobs per month added
over the past year.
Hourly employees worked an average of 109.7 hours, an increase of five
minutes from June’s revised figure.
Small business employees’ monthly pay increased by 0.10 percent – the
equivalent of , with average monthly compensation reaching ,825.
Small Business Revenue Index – June
Revenue per small business increased 0.4 percent across all
industries. That translates to an annualized increase of 4.3 percent.
The Real Estate, Rental and Leasing industry showed the greatest
increase in monthly revenue, rising 0.9 percent.
The Accommodation, Food Service and Drinking Places industry posted
the only revenue decline, falling 0.02 percent.
This index is based on data from QuickBooks
Online, covering the period from June 1-30.
A Closer Look at Results
- The Small Business Employment Index
Small business employment rose by 10,000 jobs in July, an annual rate of
0.5 percent. However, Susan
Woodward, the economist who works with Intuit to produce the
indexes, said this is slower than the growth rate of 1.0 percent over
the past year.
“Small business employment is still 2.3 percent below its pre-recession
peak,” said Woodward. “The continued low level of construction
employment, which is 17.5 percent below the pre-recession peak in
mid-2006, accounts for the slow rate of small business recovery.
“A sign of continuing recovery in small business activity is the hiring
rate, which has risen slowly but steadily since July 2009. An increase
in the hiring rate reflects improved opportunities for workers,”
Small business hiring rose in nearly all the states tracked by Intuit
Online Payroll, with the largest gains in Idaho, Nevada, Minnesota and
Alabama. Ten states posted declines, with the largest drops in
Massachusetts, New York, Ohio and Utah.
- Small Business Revenue Index
Revenues per business increased overall in June. The June revisions to
the revenue data reveal a shortened 2014-15 winter mini-recession, and
show overall revenue growth in January through June. The Real Estate,
Rental and Leasing industry saw the largest revenue growth in June,
increasing by 0.9 percent. Real estate revenues are currently playing
catch-up after being inhibited by the cold winter this year. The
Accommodation, Food Services and Drinking industry was the only group to
see a decrease in revenue in June, with revenues falling 0.02 percent
for the month and 0.3 percent over the past six months.
Small business revenues per business are 3.3 percent higher than a year
ago. All industry groups have posted increases over the last year, from
4.2 percent for businesses in Professional Services, to 1.5 percent in
the Retail category.
“Over the past two years, the highest volatility in monthly revenues was
seen in the Real Estate Services and Retail industries because these two
sectors were most negatively influenced by the severe winter,” 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 260,000 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®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
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 .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
Source: Intuit Inc.