SOFTWARE INDUSTRY NEWS

Intuit survey says small businesses added 25,000 new jobs in May

28 May 2010 , Written by Dhruv Tanwar

Small business employment grew by 0.1 percent in May, equating to a 1.6 percent annual growth rate, according to the latest Intuit Inc. Small Business Employment Index. The increase translates into around 25,000 new jobs in May and a revised estimate of 240,000 total new jobs since October 2009.

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Intuit's monthly report draws from data from around 50,000 of America's smallest businesses that use Intuit Online Payroll. Intuit said the month-to-month changes are seasonally-adjusted and provide information about the overall economy.

intuit_sb_emc_may2010
Cameron Schmidt, vice president of Intuit's Employee Management Solutions division said data showed modest growth and an overall upward trend for small business employment, even though signs of a recovery slowed slightly this month. Data also showed an increase in compensation per worker, growing by 0.3 percent in May to $2,566 per month, as compared to a revised estimate of $2,559 per month in April. Monthly hours worked declined by 0.1 percent in May to 101.6 hours as compared to a revised estimate of 101.7 hours in April, translating into wages of about $30,800 per year for all employees and a 23.5-hour week for hourly employees.

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