This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Intuit Indexes: Small Business Employment Declined Since May; Revenues Fall For Seventh Consecutive Month

“The absence of a strong rise in small business employment during the recovery reflects two forces,” said Woodward. “First, while construction shows some recovery, residential construction activity remains far below where it was in 2006. Second, small business employment has been a declining share of private sector employment for at least 60 years. The decline tends to be abrupt in recessions and slower the rest of the time. The jobs lost are primarily non-manual routine work, such as word processing and checkout services in retail. These jobs are also lost in larger firms, but small businesses start with more of these jobs and thus lose more.”

October’s employment index is based on data from Intuit Online Payroll and QuickBooks Online Payroll, and covers the period from Sept. 24 through Oct. 23.

Decrease in Hours Worked and Compensation

Small business hourly employees worked an average of 107.1 hours in October, a decrease of 0.7 percent, or about 42 minutes, from the revised figure of 107.8 hours in September, making for a 24.7-hour workweek.

Average monthly pay for small business employees dropped to $2,791 in October, or 0.1 percent, from the September revised figure of $2,794 per month. This equates to a decrease of $3–down from the growth of $17 seen from August to September. The equivalent annual wages would be about $33,500 per year, which is part-time work for many small business employees.

Small Business Employment by Geography

The Employment Index showed mixed growth in the U.S. census divisions, with decreases in all regions except the Pacific, Mountain and West South Central divisions, which saw growth, and the West North Central region, which remained flat. A state-by-state breakdown showed the largest employment increases in Arizona, Indiana and Texas, while Oregon, Louisiana and Michigan saw the largest decreases.

     
U.S. Census Division   Percent Change in Employment
East North Central   - 0.03%
West North Central   0.0%
Middle Atlantic   - 0.04%
Mountain   + 0.04%
New England   - 0.06%
Pacific   + 0.01%
South Atlantic   - 0.02%
East South Central   - 0.02%
West South Central   + 0.05%

Small Business Employment by U.S. Census Division is mixed in most parts of the country. The data reflects employment from approximately 170,000 small business employers, a subset of small businesses that use Intuit Online Payroll and QuickBooks Online Payroll. The month-to-month changes are seasonally adjusted and informative about the overall economy.

     
State   Change in Employment (%)
Alabama   +0.08
Arizona   +0.13
California   +0.02
Colorado   +0.05
Connecticut   -0.08
Florida   0
Georgia   +0.01
Illinois   +0.01
Indiana   +0.11
Kansas   +0.03
Louisiana   -0.10
Maryland   +0.08
Massachusetts   -0.03
Michigan   -0.09
Minnesota   +0.02
Missouri   +0.05
Nevada   -0.01
New Jersey   -0.01
New York   -0.02
North Carolina   -0.08
Ohio   -0.05
Oklahoma   +0.08
Oregon   -0.11
Pennsylvania   +0.01
South Carolina   -0.04
Tennessee   -0.05
Texas   +0.11
Utah   +0.04
Virginia   -0.04
Washington   -0.01
Wisconsin   0

Small Business Employment increased for most 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 Index

Small business revenue overall fell by 0.3 percent in September. Since February 2012, small business revenues have declined by 2.5 percent, equating to an annualized decline of 4.3 percent.

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs