- Employment increased by 0.07 percent in February, adding 15,000 new jobs at an annualized growth rate of 0.8 percent.
- Average monthly compensation grew by 0.4 percent in February on a seasonally adjusted basis, or $12, compared to the $6 decrease reported in January.
- Average monthly hours worked increased by 0.17 percent, or 12 minutes, compared to the decrease of almost one hour reported in January.
Increase in Hours Worked, CompensationSmall business hourly employees worked an average of 109.4 hours in February, up slightly from the revised figure of 109.2 hours in January, making for a 25.3-hour workweek. Average monthly pay for small business employees increased to $2,745 in January, up 0.4 percent from the January revised figure of $2,733 per month. The equivalent annual wages would be about $32,900 per year, which is part-time work for almost half of small business employees. Small Business Employment by Geography A state-by-state breakdown of employment growth showed mixed results in February. Among the 34 states tracked by Intuit’s Small Business Employment Index, employment increased in 13, remained flat in three and declined in 18. Continuing a trend seen in January’s findings, Utah and Nevada saw the largest increases. Alabama, Indiana and Kentucky showed the greatest declines.
|State||Change in Employment (%)|
“Small business revenues recovered through early 2012, but have since begun to decline, with the health care and the accommodation and food services industries being the first to go,” said Woodward. “The sectors with the smallest declines – almost a recovery by comparison – are construction and real estate services, down less than 1 percent each. This is encouraging for small business employment, for which construction plays a central role.”The small business retail industry saw the greatest revenue decline, at 1.3 percent in January and has seen a 5.3 percent decline since its peak in February 2012. Health care revenues declined 0.5 percent in January, and 3.7 percent since its peak in March 2012. The accommodation and food services sector was down 0.3 percent in January, a 2.2 percent decrease since its peak in March 2012. This index is based on data from QuickBooks Online.
|Sector||January Change in Revenue (%)|
|Professional, scientific, and technical services||-0.9|
|Health care and social assistance||-0.5|
|Real estate and rental and leasing||-0.5|
|Accommodation, food services, and drinking places||-0.3|