MOUNTAIN VIEW, Calif. – Oct. 03, 2011 – Small businesses created 55,000 new jobs in September, and employees worked more hours and made more money.
These are among the results of the latest update of the Intuit Inc. (Nasdaq: INTU) Small Business Employment Index, covering the period between Aug. 24 and Sept. 23. The monthly report found that small business employment grew by 0.3 percent in September, equating to an annual growth rate of 3.3 percent. Hours worked and compensation both increased by 0.3 percent.
Since the hiring trend began in October 2009, small businesses have created 720,000 new jobs. The Index is based on figures from small businesses with fewer than 20 employees that use Intuit Online Payroll.
Based on these latest numbers and revised national employment data from the Bureau of Labor Statistics, Intuit revised upward the previously reported growth rate for August to 0.3 percent from 0.18 percent. This equates to 65,000 jobs added in August, up from a previously reported 35,000 jobs.
“September’s small business employment figures are a big relief,” said Susan Woodward, the economist who worked with Intuit to create the Index. “After all the uproar over the threatened European financial meltdown, good news is very welcome. Unlike in August, there is no softness in September’s numbers: employment is up, hours worked are up and compensation is up.
“These solid numbers may be due to the fact that residential property prices have increased for five months in a row. There are all kinds of small businesses linked to property, such as construction contractors, real estate agents and brokers.”