Intuit Small Business Indexes
August Economics
For a second month in a row small business recovery has been flat or falling.
According to findings published in Intuit’s Small Business Employment and Revenue Indexes, small business employment in the United States declined by one-hundredth of 1% in August of 2013, resulting in an approximate 1,300 job loss. The construction industry was the only sector showing an increase.
Despite the job decline, compensation and hours worked increased during the month; average monthly compensation increased 0.4 percent in August, with average monthly pay reaching the equivalent of $2,751. Average monthly hours worked by hourly employees increased by 0.6 percent in August, which is equivalent to 112.2 hours.
Susan Woodward, the economist who worked with Intuit to create the indexes said, "This is the second month that small business recovery has been flat or falling…Small business employment continues to lag behind total private employment, which has risen 7 percent since the trough in March 2010, while small business employment has only risen by 2 percent."
Construction was the only industry to see an increase, at 0.3 percent. Three industries, real estate, retail and healthcare, showed the largest per-business revenue declines for the month, at 0.5 percent each.
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Source: Intuit, Inc.: Small Business Employment Remained Flat in August.