Intuit, the software vendor responsible for such popular financial software like Quicken, QuickBooks, and TurboTax, has released its monthly report, the Small Business Employment Index. The main finding of this month's report is that small businesses are showing signs of an economic rebound. The findings were based on data from businesses with fewer than 20 employees (87% of the total US private employer base).
"Employment for these small businesses began trending upward in mid-2009, a good sign for the overall economy," said Dr. Susan Woodward, the economist who worked with Intuit to create the index.
"This index is an indicator that the small business employment situation may be getting better," she added. "Small businesses generally recover faster than larger businesses because they begin hiring sooner than big businesses. To see these figures showing a rise in employment at small businesses is very heartening at a time when good news is scarce."
Employment among these businesses has declined overall since December 2007, but the most recent month-over-month change was up 0.2% (on a "seasonally adjusted basis"). It is only the latest in an upward trend since mid-2009. According to Intuit's findings, employment grew nearly 0.8% over the past eight months, which is 1.1% at an annual rate, translating into nearly 40,000 new jobs for February and about 150,000 new jobs since June 2009.
Intuit also found that monthly average compensation per employee has been flat since September 2008, and it remained relatively flat in February at $2,559, down by 0.1% compared to January. Hourly employees worked an average of 101.4 hours in February.
Intuit surveyed about 50,000 small businesses to obtain this information.
Is your business hiring again? If not, how soon do you anticipate being able to do so? We'd love to hear about your forecasts and goals for the year.
Survey Finds Businesses Ready to HireIntuit Finds Small Biz Employment Up In DecemberSmall Business Employment Up In NovemberReport: 25,000 New Small Business Jobs in MayMarket Research More Important Than EverSmall Business Hiring Up Slightly In August Small Biz Employment Factors Improve In JulySmall Biz Hiring Rises In SeptemberSurvey: Small Businesses Hiring For the HolidaysSmall Business Employment Sees Growth In February
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Comments
Economic Upturn
In the last couple of weeks my business is picking up and many of our local business owners are saying the same thing, I hope this trend continues. At this point, I have a slump to recover from, but I would consider rehiring later in the year if the trend continues.
Italy hasn't been hit as
Italy hasn't been hit as badly as other countries by the credit crunch, thus also the recovery will be slower. We are noticing that in 2009 our clients were complaining about the fact that sales were a lot slower (i'm talking about the property market), in the first months of 2010 interest in the italian property market is picking up, what is lacking is money because of all the missed sales of the previous year. Also very popular markets such as Tuscany or Le Marche property market saw a slow down in sales.
Jobs on the rise..
Over the past few months we've noticed a trend of new pages being added to client websites that we maintain. Applications, Job Postings and Online Test Screening are on a steady rise. Actually many new clients that never had a site and most are eager to get them live and many include "Now Hiring".
The cold weather keeps many people inside away from their desk at work. Remote services, online meetings, virtual software all on the rise. Also see a huge increase in online store kits, mostly new businesses.
Have a Great Week!
Snerdey
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Doubt It
Hold on a sec, Bank of America is holding $85,000,000,000 in toxic loans. The job apps for small businesses are up due to the fact that the higher wage earners in corporations are being laid off in droves and are now looking for whatever they can find.
We are receiving resumes from former higher wage earners. This means that they are willing to be underemployed. The national job stats back this up if you quit reading the current administration's twisting of the stats. I am usually very positive, but not in this case.
We are doing well as we are a direct cost cutting firm that works on a contingency fee. Companies love us right now in this W shaped recession.
James Moore
Re
More and more work to remodel elevator interiors followed, he said. In doing the jobs, Bostock found the practice at the time of removing the entire elevator to do the work to be overly complex and time-consuming.
Yes
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