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Economy in Brief

Intuit Small Business Hiring Index Improves Modestly
by Tom Moeller   October 6, 2010

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
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