Small businesses added 45,000 jobs in June, according to the Intuit Small Business Employment Index. Hours worked and compensation among small business employees also grew 0.2 percent. The June data continues a trend of small business hiring that began in October 2009. Since the trend began, small businesses have generated some 820,000 jobs.
“The small business employment figures we follow look more hopeful this month,” says Susan Woodward, the economist who worked with Intuit to create the Index. “Employment is up. Hours worked are up. Compensation and hourly wages are up, and also the fraction of hourly people working full time is up. Even the hiring rate, which has been flat for a long while, is up a bit. The progress is pretty much national, not confined to just some regions. At the same time, the revised numbers for May look better than we thought, so altogether there is more cause for optimism.”
Small business hourly employees worked an average of 108.7 hours in June, equaling a 25.1-hour workweek, and all small business employees took home an average of $2,643 per month in June. Hiring was up from coast to coast except in the East South Central census division.
For the full June report, please visit www.intuitinc.com/payrollindex.