MOUNTAIN VIEW, Calif. - Aug. 2, 2010 - Small business employment grew slightly in July, but at a slower rate than in the past, while wages and hours worked by employees increased at a much faster pace.
Those were among the findings included in the latest Intuit Inc. (Nasdaq: INTU) Small Business Employment Index. The monthly report, which now includes a geographical breakdown on hiring trends, found that small business employment grew by 0.2 percent in July, equating to a 2.4 percent annual growth rate. The Index is based on figures from the country's smallest businesses that use Intuit Online Payroll.
This translates to approximately 40,000 new jobs nationwide in July, a decrease from June's revised estimate of 45,000 jobs. Since the growth trend began in October 2009, small business jobs have increased by 330,000.
The Index's new geographical measurement also revealed that small business employment is slightly up across most of the country. Although the pace of job growth slowed in July, both wages and hours worked increased by 0.7 and 0.9 percent respectively.