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Economy in Brief

Intuit Small Business Series Holds Firm
by Tom Moeller  August 30, 2011

Intuit compiles data covering small business employment and, as of this month, the figures are still improving. For August, its employment index rose 0.2% for the ninth consecutive month, but figures before August were revised down slightly. These increases raised the index 2.2% y/y. The series fell 6.8% and 3.2% during all of 2009 and 2008, respectively.

In addition, Intuit surveys average monthly compensation and it rose 1.7% y/y. Finally, their figures on overall monthly hours worked rose 1.1% y/y. The latest gain is down from 2.6% last year and figures before the latest one were revised sharply lowerrply lower.

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 Index Aug Jul Jun Y/Y% 2010 2009 2008
Employment Index (Jan. 2007 = 100) 91.25 91.08 90.89 2.2 89.19 89.99 96.60
Average Monthly Compensation ($) 2,649.00 2,651.25 2,645.70 1.7 2,603.88 2,571.07 2,543.88
Average Monthly Hours Worked Index 108.02 108.34 108.21 1.1 106.22 103.48 104.33
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