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Economy in Brief

Intuit Small Business Series Increases Further
by Tom Moeller  January 4, 2012

Intuit compiles data covering small business employment. Yesterday it reported improvement in December. Last month's employment index rose 0.3%. That was a bit slower than earlier gains of 0.4% but it raised the y/y increase to a recovery high of 4.2%. The series rose 3.3% in 2011 after having been unchanged in 2010.

In addition, Intuit surveys average monthly compensation and it rose a heightened 3.5% y/y. Finally, the figure for overall monthly hours worked rose 2.4% y/y and roughly equaled the 2010 increase.

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 Dec Nov Oct Y/Y% 2011 2010 2009
Employment Index (Jan. 2007 = 100) 95.84 95.58 95.25 4.2 94.01 91.00 90.97
Average Monthly Compensation ($) 2,705.56 2,695.06 2,685.34 3.4 2,657.06 2,601.71 2,574.62
Average Monthly Hours Worked 110.28 109.87 109.55 2.4 108.71 106.21 103.83
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