Global| Oct 06 2010Intuit Small Business Hiring Index Improves Modestly
by:Tom Moeller
|in:Economy in Brief
Summary
Intuit compiles data covering small businesses and employment conditions are moderately improved from last year. The 0.1% September rise from August in Intuit's Employment Index added to 0.2% increases during each of the prior five [...]
Intuit compiles data covering small businesses and
employment conditions are moderately improved from last year. The 0.1% September
rise from August in Intuit's Employment Index added to 0.2% increases during
each of the prior five months. These gains brought the index up 2.2% from
September 2009. However, they hardly dent the 5.8% and 2.4% declines during all
of 2009 and 2008, respectively.
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.
In addition, Intuit surveys compensation and overall monthly hours worked amongst small businesses. For these measures, the y/y bounce has been moderate relative to employment.
The Intuit figures are available in Haver's USECON database.
| Intuit Small Business | September | August | July | Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Employment Index | 93.1 | 93.0 | 92.8 | 2.2% | 92.0 | 97.7 | 100.1 |
| Compensation Index | 2,602.1 | 2,605.9 | -- | 1.4% | 2,565.8 | 2,546.7 | 2,404.1 |
| Average Monthly Hour Worked Index | 105.3 | 105.3 | 105.1 | 1.9% | 103.5 | 104.9 | 104.4 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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