More Than 830,000 Jobs Added Since March 2010
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq:INTU) today issued its monthly Small
Business Employment and Revenue Indexes. Here are topline results
from each of the reports:
Small Business Employment Index
U.S. small businesses added 30,000 new jobs in November, an increase
of 0.15 percent, making for more than 830,000 jobs added since March
Small business employees saw a 0.3 percent increase in monthly
compensation, with average monthly pay reaching ,775, up from
Hourly employees worked an average of 109.5 hours in November, up 18
minutes, or 0.3 percent, from October’s revised figure.
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 Oct. 24 – Nov. 23.
Small Business Revenue Index
Revenues per small business decreased by 0.04 percent in October,
roughly 4.4 percent when annualized.
The construction industry once again showed the largest increase,
growing 0.6 percent. Health care and social assistance revenue also
increased by 0.17 percent.
The professional, scientific and technical service category declined
by 0.19 percent, followed by the real estate sector, which dropped
This index is based on data from QuickBooks
Online, covering the period from Oct. 1-31.
A Closer Look at Results
- The Small Business Employment Index
Small business added 30,000 new people to its base of 20.5 million
“Small businesses are not just hiring, they are also paying employees
more and asking them to work longer hours. All of these figures are
seasonally adjusted, so this is not influenced by just holiday
activity,” said Susan
Woodward, the economist who works with Intuit to create the Small
Business Employment and Revenue Indexes.
Hourly employees worked 20 minutes longer in November than they did in
October, a sharp rise, and the fraction of hourly workers working
full–time rose by 0.2 percent for the month. The hiring rate rose to 5.8
percent for the month, the highest since January 2009.
Compensation per employee, which includes business owners, rose for
the month, or 0.34 percent, to ,305 per year.
“With inflation running at 1.7 percent, this gives people a real gain in
compensation of 2.5 percent on an annualized basis. Hourly wages for
hourly workers rose almost as much, by 0.3 percent for the month, to
.22 per hour,” she said.
Growth varied by geography. Utah posted the highest employment growth of
0.4 percent in November, after recording the third-highest increase in
October. The five states posting November’s highest growth – Utah,
Virginia, Nevada, Oregon, and California – were all among the 10 biggest
gainers last month. Similarly, Idaho, Michigan, Ohio, Massachusetts,
Missouri and Alabama, saw declines in November after posting decreases
in October as well.
- Small Business Revenue Index
In October, overall small business revenues declined slightly, by 0.04
percent, when seasonally adjusted. On an annualized basis, this is a
loss of just under one-half percent.
Professional services saw the largest decline, and has shown the slowest
growth over the past six months.
“This is a big change for professional services – from the fastest
grower to a slow grower,” said Woodward. “From the trough in small
business revenues between May 2008 and October 2014, revenues to
professional services business have grown 40 percent, the most for any
industry group, followed next by construction, at 33 percent.”
Over the past year, all industry groups have seen positive revenue
growth, with construction the highest, at 6.3 percent, and health care
the lowest, at 2.2 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 approximately 250,500 small business employers, a subset of
users that use Intuit Online Payroll
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
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
other locations. More information can be found at www.intuit.com.
Source: Intuit Inc.