Small businesses experienced a slowdown in employment growth in July, compared to previous months, according to Intuit, although employees were paid slightly more and worked additional hours.
Small business employment rose 0.05 percent, or 10,000 jobs, in July, but that figure is slower than the growth rate of 1.0 percent over the past year.
Small business employees saw a slight increase in monthly compensation, with average monthly pay reaching the equivalent of $2,825 in July, up $3 from June. The average monthly hours worked by hourly employees in July was 109.7 hours, approximately 25 hours per week. This was equivalent to working 5 more minutes in July than in June.
Intuit also released small business revenue figures Tuesday for June. Overall it saw an increase of 0.4 percent in small business revenues across all industries in June. Real estate, rental and leasing businesses showed the highest increase in monthly revenue, rising 0.9 percent.
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