Technology
Intuit Small Business Employment Index Shows Slower Job Growth in July; Wages and Hours Worked Increased
Monthly Report now Shows Geographic Breakdown; Job Growth Fastest in Mountain States
Aug. 02, 2010
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.