Based on the latest Intuit QuickBooks Small Business Index, employment for small businesses with one to nine employees decreased by 14,800 jobs in January, 2024. This reverses the growth seen in December of 2023.
Source: Intuit QuickBooks Small Business Index Media Source Content
Small business employment and job vacancies over time
Published at the beginning of every month, the Intuit QuickBooks Small Business Index is a collaboration between Intuit QuickBooks and an international team of economists led by Professor Ufuk Akcigit, the Arnold C. Harberger Professor of Economics at the University of Chicago.
In looking at the small businesses employment and job vacancy growth by region, every region with the exception of New England and the Great Lakes had declines in employment during January.
Source: Intuit QuickBooks Small Business Index Media Source Content
Examining small businesses employment and job vacancy growth by sector, the largest job losses (in terms of actual numbers) occurred in Leisure and Hospitality and Professional and Business. The only sector with actual job growth was Wholesale Trade.
Source: Intuit QuickBooks Small Business Index Media Source Content
Small business employment and job vacancy growth by sector
The Intuit QuickBooks Small Business Index is a powerful monthly indicator of the health of the small business economy and provides up-to-date employment and hiring insights.
The Index uses data from anonymized QuickBooks Payroll records, not survey data, in combination with official statistics from the U.S. Bureau of Labor Statistics, Statistics Canada, and the UK’s Office for National Statistics to create monthly employment and hiring insights that reflect the general population of small businesses in each country. Learn more about the survey methodology and sample here.
Disclosures
Feature content and graphic materials were adapted from informational content within the Intuit QuickBooks Small Business Index. The adapted source content by Insightful Accountant is furnished for educational purposes only.
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The Intuit QuickBooks Small Business Index creates aggregated data outputs from a sample of anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modeled results which better reflect the general population of small businesses in each country, as represented by published official statistics. Statistical adjustment ensures the Index truly reflects employment and job vacancy changes rather than trends in the QuickBooks customer base.
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