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Economy in Brief

Intuit Small Business Hiring Index Improves Slightly
by Tom Moeller  June 1, 2011

Intuit compiles data covering small business employment and the figures indicate that jobs have been improving with the economic recovery. The 0.2% m/m gain in the May Employment Index was similar to gains since last Fall. The gains brought the index up 3.4% from January 2010. The index fell 6.3% and 2.8% during all of 2009 and 2008, respectively.

In addition, Intuit surveys average monthly compensation, up 1.1% y/y. Finally, their figures on overall monthly hours worked rose a lessened 2.7% y/y.

The Intuit Small Business Employment Index is based on anonymous 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. The Index reflects monthly employment activity in small businesses, and is adjusted to account for changes in Intuit's Online Payroll customers from one month to the next.

The Intuit figures are available in Haver's USECON database.

Intuit Small Business Employment May Apr Mar Y/Y% 2010 2009 2008
Employment Index (Jan. 2007 = 100) 93.1 92.9 92.7 2.7 90.9 90.9 97.1
Average Monthly Compensation ($) 2,624.3 2,628.0 2,623.1 1.1 2,600.0 2,575.4 2,549.2
Average Monthly Hour Worked Index 107.9 108.1 107.8 2.7 105.6 103.7 104.6
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