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Economy in Brief

Intuit Small Business Hiring Index Gains
by Tom Moeller  July 7, 2011

Intuit compiles data covering small business employment. For June, its hiring index rose 0.2% versus May following seven months of 0.3% gain. These earlier increases raised the figure 3.2% y/y. The index fell 6.2% and 2.8% during all of 2009 and 2008, respectively.

In addition, Intuit surveys average monthly compensation and it rose 2.0% y/y. Finally, their figures on overall monthly hours worked rose 3.2% 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 Jun May Apr Y/Y% 2010 2009 2008
Employment Index (Jan. 2007 = 100) 93.97 93.77 93.49 3.2 91.25 91.14 97.14
Average Monthly Compensation ($) 2,643.35 2,638.37 2,636.42 2.0 2,596.4 2,575.58 2,549.02
Average Monthly Hour Worked Index 108.68 108.43 108.32 3.2 105.52 103.67 104.54
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