The Intuit QuickBooks Small Business Index (the Index, hereafter) just issued reports an additional 7600 jobs lost during February, 2024. According to the Index, small businesses with one to nine employees in the United States employed 7,600 fewer people nationally in February, 2024 compared to January, 2024. That’s a monthly decrease of -0.06% to 12,812,700 jobs.
While still a reduction in employment, it showed a decline in the rate of decline over the past two months' employment data.
Business sectors which showed the most significant decreases in employment were:
- Information (NAICS 51) with a -0.6% drop to 287,700 jobs
- Manufacturing (NAICS 31-33) with a -0.33% drop to 1,246,100 jobs
- Finance and real estate (NAICS 52-53) with a -0.24% drop to 840,200 jobs
Business sectors which saw significant increases in employment included:
- Utilities (NAICS 22) with 0.56% growth to 660,200 jobs
- Natural resources and mining (NAICS 11; 21) with 0.29% growth to 180,400 jobs
- Leisure and hospitality (NAICS 71-72) with 0.27% growth to 1,521,900 jobs
While employment in the New England region (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont) grew by 0.33% to 645,700. The Mideast region (Delaware, District of Columbia, Maryland, New Jersey, New York, Pennsylvania) saw the most significant decline, with a drop of -0.18%, to 1,926,800 jobs.
For additional details see the Intuit QuickBooks Small Business Index Dashboard (dashboard updates occur periodically).
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Feature content, including 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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