Small business hiring flat in past month
The nation's mom and pop operations struggled to create new jobs during August. Intuit’s Small Business Indexes showed small business with fewer than 20 employees added a mere handful of employees in August amounting to 0.01 percent growth.
The data is based on approximately 242,000 small-business customers of Intuit Online Payroll and QuickBooks Online Payroll between July 24 and Aug. 23.
The paltry August figure contrasts against the more than 705,000 jobs added since March 2010.
Average monthly compensation edged up 0.6 percent, or $16 from July’s revised figure, while the monthly time worked by hourly employees increased from July by 0.6 percent, which equates to a total of 36 minutes.
The hiring rate for August rose slightly to 5.78 percent, but the U.S. small business sector still has 770,000 jobs to go to return to the level of March 2007.
States losing employment were mainly centered on the Great Lakes, with Michigan and Wisconsin losing the most in percentage terms. States with the biggest gains were Utah and Florida.