Small Business

Job Growth at Slower Rate-Report by the Intuit Small Businesses Employment Index

There had been a growth in employment in small businesses in August 2010. However, when compared with the gain in the quarter from January through April, there had been a declining rate. It was found by the reports of Intuit Inc. Small Business Employment Index that, the hours worked and compensation per employee were steady while the job growth slowed.

It reported that the growth of employment was increased by 0.1 percent in August 2010. This can be equated to the 1.2 percent annual growth rate. Around 26,000 new jobs were added nationwide in August. There had been an increase in small business jobs by 340,000 as the trend in growth began from October 2009. A marginal increase of 0.06 percent and 0.04 percent was found with the wages and hours worked respectively.

No Change in Compensation, Hours Worked
Slightly more money was made by the employees in August by working a fraction of an hour longer than a month before. This resulted in the growth of compensation by 0.06 percent in August to $2,599 per month when compared to $2,598 per month in July. The monthly hours worked was also found to increase by 0.04 percent in August that contributed to 103.8 hours which was similar to that of July.

Small Business Employment by Geography
There had been a slight rise in employment in small businesses according to the Intuit Index. It was found that there had been the greatest increase in the employment in New York and Virginia. These states reflect those for which the Intuit Online Payroll has more than 1,000 small businesses represented.