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Intuit 2012 Report: Small Business Employment Grew 0.12 Percent

Stocks in this article: INTU

U.S. small business employment increased 0.12 percent in calendar year 2012, with an increase of 0.09 percent in December. Small business revenue dropped 1.2 percent from January to November, with a 0.3 percent drop in November. Those are among the findings of Intuit Inc.’s (Nasdaq: INTU) inaugural 2012 Small Business Employment and Revenue Report.

The report also found that U.S. small businesses added 24,000 jobs between January and December. The hiring rate that fell steadily through the recession bottomed out in 2009, and has continued to hover at a monthly rate of approximately 5.5 percent. The change in hiring over 2012 was minimal, decreasing by 2 percent from January to December. The complete results, which include insights on employment levels by state and small business revenue growth, can be found at: 2012 Small Business Employment and Revenue Report.

“Small business employment is still growing, albeit very slowly. 2012 was a year of ups and downs, resulting in a final tally of 19.9 million small business jobs,” said Susan Woodward, the economist who worked with Intuit to create the indexes. “However, the level of small business employment has yet to reach its pre-recession level of 21.2 million jobs in March 2007.”

December Employment Index

The December Small Business Employment Index shows an increase of 15,000 new jobs during the month at a rate of 0.09 percent, which equates to an annualized growth rate of 1.1 percent. On a seasonally adjusted basis, average monthly compensation grew by 0.5 percent, or $13. Average monthly hours worked increased by 0.08 percent, or five minutes. The index is based on data from Intuit Online Payroll and QuickBooks Online Payroll, covering the period from Nov. 24 through Dec. 23.

December Increase in Hours Worked, Compensation

Small business hourly employees worked an average of 107.4 hours in December, up slightly from the revised figure of 107.3 hours in November, making for a 24.8-hour workweek.

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