Small businesses employment increased by 0.3 percent in March, the highest single-month growth rate in more than two years. This growth was accompanied by encouraging increases in monthly compensation and in the number of hours worked.
These are among the results for the Intuit Inc. (Nasdaq:INTU) Small Business Employment Index for March, covering the period between Feb. 24 and March 23. Based on the March increase, the latest report estimates that small business employment grew at an annual growth rate of 3.8 percent. Average monthly hours worked increased by 0.5 percent, or 36 minutes. Average monthly compensation increased by 0.7 percent, or $18 per worker.
The employment growth for March equates to approximately 65,000 new jobs in March, though Intuit plans to recalibrate its Employment Index in the coming months and expects these numbers to be lower. This is a common statistical practice and the recalibration will be based on new data provided by the Bureau of Labor Statistics, which are used as inputs into the Index.