Revenues Increased Across all Industries

MOUNTAIN VIEW, Calif. – Jul. 01, 2014 – U.S. small business employment grew for the fourth consecutive month in June, adding 20,000 jobs. While the labor market continues to show signs of revival, small business employment remains 900,000 workers shy of the peak reached in March of 2007.

These are among the findings of the monthly Intuit Inc. (Nasdaq: INTU) Small Business Employment and Revenue Indexes. The June figures revealed:

  • Small businesses have added 595,000 jobs since March 2010, the beginning of the recovery in small business employment.
  • Employees’ average monthly compensation grew by $1, or 0.03 percent, from May’s revised figure.
  • Average monthly hours worked by hourly employees decreased by one minute from May to June, or 0.02 percent.

The employment index is based on data from Intuit Online Payroll and QuickBooks Online Payroll, covering the period from May 24 through June 23.

“This month’s employment data makes for the fourth consecutive month of small business job growth after a flat job market early in 2014. While employment growth continued this month, changes for compensation and hours worked were mixed but very small. This indicates that while the employment picture has improved, there is little pressure on wages or hours,” said Susan Woodward, the economist who works with Intuit to create the indexes.

“The revenue figures for small businesses are better than they have been in some years – they were up in April, and are up even more in May. The rise in revenues for all businesses is about three-fourths of one percent, which is a lot, and if it continued for a year, would give us an increase of 10 percent.”