Small Biz Jobs Up, Wages & Hours Down
First, the good news. According to the latest Small Business Employment Index released by Intuit, small businesses created 50,000 new jobs in January. The total represents an increase of 0.2 percent over the last month--equating to an annual growth rate of 2.9 percent.
Now, the bad news. Average monthly pay for all small business employees dropped 0.1 percent to $2,632. Meanwhile, hourly employees also saw their hours dip slightly to an average of 24.8 hours per week.
Each region across the US saw some growth, except for New England which dropped ever so slightly (-0.01 percent). Leading the way was the Mountain region (+0.6 percent)--Idaho, Montana, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico.
The Intuit Small Business Employment Index is based on aggregate and anonymous online employment data from approximately 70,000 small business employers, a subset of businesses that use Intuit Online Payroll, each with fewer than 20 employees. These smallest employers are important to the economy as they comprise 87 percent of the total U.S. private employer base and employ nearly 20 million people.