Increase in Small business employment in June

According to latest Intuit Inc. Small Business Employment Index, there was increase of 0.09 percent in small business employment which is equal to 1.10 percent of annual growth rate in June of 2009.

About 18,000 new jobs in June were provided by small businesses and around 330,000 new jobs were provided since October of 2009. The monthly report of Intuit which was released was based on statistics from the country’s smallest businesses which use Intuit Online Payroll.

According to Intuit Small Business Employment Index, there was a downward trend during 2007, but there is increase in employment since October 2009. Approximately 57,000 small business employers use Intuit Online Payroll and the data is also based on this.

Increase in compensation per worker continued to increase as per the data. There was a growth in compensation by 0.3 percent in June and it is $2,577 per month now when compared with revised estimate of $2,570 per month during May. There was also increase in monthly working hours. An employee was drawing wages of about $30,900 per year and 23.5 hour week for hourly employees.