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Intuit sees small businesses rebounding |
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In its Small Business Employment Index, a new, monthly report that provides unique, near real-time insight into employment trends of the smallest of small businesses, Intuit says that small business employment is showing signs of rebounding. The Small Business Employment Index offers insights on employment trends of the smallest business in the US. Intuit is a provider of business payroll services to small businesses. The Small Business Employment Index is based on online data from approximately 50,000 small business employers with fewer than 20 employees who use Intuit Online Payroll. Intuit reports data for three categories: small business employment, compensation and hours worked. Intuit analyzes and publishes data at the beginning of each month. The main finding of the index is that small businesses are showing signs of an economic rebound. Intuit based its report on data from businesses with fewer than 20 employees, which it says comprise 87 percent of the total US private employer base. Intuit's Small Business Employment Index offers macroeconomic insight about the economy in general. "Employment for these small businesses began trending upward in mid-2009, a good sign for the overall economy," said Dr. Susan Woodward, a nationally-recognized economist who worked with Intuit to create the index. Woodward was earlier chief economist of the US Department of Housing and Urban Development and later of the US Securities and Exchange Commission. Woodward said the index indicates that the small business employment situation “may be getting better.” Small businesses generally post faster recoveries as compared to larger business as they begin hiring sooner than big businesses.  In its statement, Intuit said that although overall employment has declined since December 2007, the most recent monthly change in the Intuit Small Business Employment Index is positive. While this month-over-month change is small, up 0.2 percent on a seasonally adjusted basis, it continues an upward trend that began around the middle of 2009. Employment grew nearly 0.8 percent over the past eight months, which is 1.1 percent at an annual rate. This translates into almost 40,000 new jobs for February 2010 and nearly 150,000 new jobs since June 2009. The index hows increasing employment since mid-2009, reversing a downward trend dating back to 2007. The National Employment Index is from the Bureau of Labor Statistics. Cameron Schmidt, vice president of Intuit's Employee Management Solutions division said, "Small businesses offer a unique view into the American economy.” He said Intuit, as a provider of payroll services for over a million small businesses, understands the ebb and flow of business, and the index provides “the first real insight into employment and compensation trends at the smallest of these businesses."  In addition to analyzing small business employment, the Intuit Index also measures compensation and hours worked. Monthly average compensation per employee has been flat since September 2008, and remained flat in February at $2,559, down by 0.1 percent compared to the prior month. Due to volatility in compensation, this is still considered flat and does not represent a downward trend. Hourly employees worked an average of 101.4 hours in February. Small Business Employee Monthly Compensation shows compensation flat since September 2008 and includes the compensation paid from small business owners to themselves. Intuit said the levels reflect Intuit Online Payroll customers and are not necessarily representative of all small businesses, though the month-to-month changes are informative about the overall economy. |
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