Employment, Pay, and Hours Worked Rise for Small Businesses in November
Intuit Inc. has issued its monthly Small Business Employment and Revenue Indexes with the following topline results:
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 2010.
- Small business employees saw a 0.3 percent increase in monthly compensation, with average monthly pay reaching $2,775, up $9 from October.
- Hourly employees worked an average of 109.5 hours in November, up 18 minutes.
- Revenues per small business decreased by 0.04 percent in October, roughly an annualized 4.4 percent.
- The construction industry 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 0.16 percent.
Small business added 30,000 new people to its base of 20.5 million employees. Hourly employees worked 20 minutes longer in November than they did in October, 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 $9 for the month, or 0.34 percent, to $33,305 per year.
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 among the 10 biggest gainers last month. Contrastingly, Idaho, Michigan, Ohio, Massachusetts, Missouri and Alabama, saw declines in November, after posting decreases in October.