July Showed Higher-than-usual Rise in Revenues
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 – 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 , with average monthly compensation reaching ,838.
Compensation is per month higher than a year ago.
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
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
“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 .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.
Source: Intuit Inc.