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Economy in Brief

Small Business Employment Outpaces Overall Economy
by Tom Moeller  January 05, 2011

Small business employment has been growing since September, 2009. That's the indication from Intuit's Small Business Employment Index for December. Since the 2009 low, the index has risen 4.5% and that compares to roughly 0.5% growth in overall nonfarm payrolls. The Intuit Small Business Employment Index is based on online employment data from small business employers (each with fewer than 20 employees) that use Intuit Online Payroll. These smallest employers comprise about 88 percent of the total U.S. private employer base and employ nearly 20 million people.

Despite the improvement in jobs, Intuit's measure of compensation growth has decelerated to -0.6% (AR) over a three-month period from 2.8% at the beginning of last year. Small Business Employee Monthly Compensation includes the compensation paid by small business owners to themselves. The employees at small businesses have seen their monthly hours worked grow 3.7% from the 2009 low. The Intuit Small Business Figures are available in Haver's USECON database.

The minutes to the latest FOMC meeting can be found here.

Intuit Small Business Employment(SA) Dec Nov Oct Y/Y 2010 2009 2008
Employment Index (Jan-07=100) 97.03 96.76 96.41 4.1% 95.23 93.48 98.33
Equivalent Jobs (000s) 20,485 20,428 20,354 4.1 20,105 19,734 20,758
Avg. Monthly Compensation ($) 2,606.7 2,609.0 2,611.3 0.5 2,608.7 2,571.0 2,546.3
Avg. Monthly Hours Worked (Hours) 107.5 107.3 107.1 3.2 106.0 103.7 104.8
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