Revenues Increased Across All Industries
Company Website:
http://www.intuit.com
MOUNTAIN VIEW, Calif. -- (Business Wire)
U.S. small business employment grew for the fourth consecutive month in
June, adding 20,000 jobs. While the labor market continues to show signs
of revival, small business employment remains 900,000 workers shy of the
peak reached in March of 2007.
These are among the findings of the monthly Intuit
Inc. (Nasdaq:INTU) Small Business
Employment and Revenue Indexes. The June figures revealed:
-
Small businesses have added 595,000 jobs since March 2010, the
beginning of the recovery in small business employment.
-
Employees’ average monthly compensation grew by $1, or 0.03 percent,
from May’s revised figure.
-
Average monthly hours worked by hourly employees decreased by one
minute from May to June, or 0.02 percent.
The employment index is based on data from Intuit
Online Payroll and QuickBooks
Online Payroll, covering the period from May 24 through June 23.
“This month’s employment data makes for the fourth consecutive month of
small business job growth after a flat job market early in 2014. While
employment growth continued this month, changes for compensation and
hours worked were mixed but very small. This indicates that while the
employment picture has improved, there is little pressure on wages or
hours,” said Susan
Woodward, the economist who works with Intuit to create the indexes.
“The revenue figures for small businesses are better than they have been
in some years – they were up in April, and are up even more in May. The
rise in revenues for all businesses is about three-fourths of one
percent, which is a lot, and if it continued for a year, would give us
an increase of 10 percent.”
Little Change in Hours Worked, Compensation
Hourly small business employees worked an average of 107.2 hours in
June, a decline of roughly 0.02 percent, or 1 minute, translating to a
24.7-hour work week.
Average monthly pay for small business employees increased by 0.03
percent, rising $1 to $2,715 in June. The equivalent yearly wages would
be approximately $32,600. The average hourly wage rose by a bit less
than one cent, to $15.92 per hour. The fraction of hourly people working
full-time has been falling since August 2011.
Small Changes Geographically
Small businesses across the nation continue to show growth, however
changes are mixed geographically. Among the 40 states that Intuit
tracks, Michigan saw the largest decline in small business employment,
falling by 0.4 percent. The states with the largest employment gains are
Washington and Idaho, both rising 0.4 percent.
Hours worked fell across the Eastern Seaboard affecting all three
divisions: New England, Mid-Atlantic, and South Atlantic. The census
division that saw the largest decline is the East North Central, which
includes the Great Lakes area and Michigan.
|
state |
| change |
Alabama
|
|
0.3
|
|
Arizona
|
|
-0.04
|
|
Arkansas
|
|
0.11
|
|
California
|
|
0.19
|
|
Colorado
|
|
0.2
|
|
Connecticut
|
|
0.06
|
|
Florida
|
|
0.14
|
|
Georgia
|
|
0.2
|
|
Hawaii
|
|
0.3
|
|
Idaho
|
|
0.4
|
|
Illinois
|
|
0.05
|
|
Indiana
|
|
0.02
|
|
Iowa
|
|
0.08
|
|
Kansas
|
|
0.04
|
|
Kentucky
|
|
0.13
|
|
Louisiana
|
|
-0.01
|
|
Maryland
|
|
0.1
|
|
Massachusetts
|
|
-0.03
|
|
Michigan
|
|
-0.4
|
|
Minnesota
|
|
0.2
|
|
Mississippi
|
|
0.2
|
|
Missouri
|
|
0.03
|
|
Nebraska
|
|
0.1
|
|
Nevada
|
|
0.3
|
|
New Hampshire
|
|
0
|
|
New Jersey
|
|
0.06
|
|
New Mexico
|
|
0.17
|
|
New York
|
|
-0.04
|
|
North Carolina
|
|
0.2
|
|
Ohio
|
|
0
|
|
Oklahoma
|
|
0.13
|
|
Oregon
|
|
0.3
|
|
Pennsylvania
|
|
0.07
|
|
South Carolina
|
|
0.14
|
|
Tennessee
|
|
0.16
|
|
Texas
|
|
0.16
|
|
Utah
|
|
0.2
|
|
Virginia
|
|
0.1
|
|
Washington
|
|
0.4
|
|
Wisconsin
|
|
0.01
|
|
|
Small Business Employment results were mostly positive for the
states in which Intuit Online Payroll and QuickBooks Online Payroll has
more than 1,000 small business firms. The month-to-month changes are
seasonally adjusted and informative about the overall economy.
Small Business Revenue Shows Promising Gains
The May Revenue Index showed small business revenue overall gains across
all industries, marking the first time in more than a year with growth
that is both substantial and manifest in all groups. Professional
services recorded the biggest increase, followed closely by
construction, which is coming back from a serious decline during the
worst of the financial crisis.
The health care industry showed the smallest increase. This sector was
relatively immune from the recession, with demand for health care
services largely insensitive to an economic downturn. This index is
based on data from QuickBooks
Online, covering the period from May 1-31.
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 231,000 small business employers, a subset of users that
use Intuit Online Payroll and QuickBooks
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
processing, personal
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 $4.2 billion in its fiscal year
2013. 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.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
other countries. The Intuit Small Business Payroll Index is copyrighted
by Intuit. Its contents may not be resold or modified in any way. It can
be linked to and referenced with the following attribution: “Intuit
Small Business Employment Index © Intuit Inc. All rights reserved.”
These Terms of Use supplement the Small Business Website Terms of
Service at: http://smallbusiness.intuit.com/small-business/legal/index.jsp?_requestid=178246.
Contacts:
Intuit Inc.
Michael Porcaro, 415-652-8326
Michael_Porcaro@Intuit.com
or
Access
Communications
Bitsy Rich, 917-522-3516
brich@accesspr.com
Source: Intuit Inc.
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