Small business employment rose slightly in June, according to Intuit, as employers added 45,000 positions to their payrolls.
Hours worked and compensation also both increased by 0.2 percent, according to Intuit’s Small Business Employment Index, covering the period between May 24 and June 23. The monthly report found that small business employment grew by 0.2 percent in June, equating to an annual growth rate of 2.7 percent.
Since the hiring trend began in October 2009, small businesses have created 820,000 jobs. The Index is based on figures from small businesses with fewer than 20 employees that use Intuit Online Payroll.
Based on the latest numbers and revised national employment data from the Bureau of Labor Statistics, the employment growth rate reported for May was revised slightly up to 0.3 percent from 0.2 percent, equating to 60,000 jobs added for the month.
“The small business employment figures we follow look more hopeful this month," said Susan Woodward, the economist who worked with Intuit to create the index. "Employment is up. Hours worked are up. Compensation and the hourly wage 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.”
