Intuit Reports Fourth Consecutive Month of Small-business Growth
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 report Small Business Employment and Revenue Indexes:
• 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.
“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 creating 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.”
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.