Small Business Job Growth Up 0.24% in November
Our Intuit Small Business Employment Index showed that small business employment continued a healthy rise in November, growing 0.24 percent over the prior month. The smallest of small businesses in America that use Intuit Online Payroll added 49,000 jobs in November.
“The recovery that began late last summer for small businesses is still underway,” says Susan Woodward, the economist who worked with Intuit to create the Index. “While employment at the national level for all businesses is barely rising, small businesses are showing a more robust increase. This is in line with what we’ve seen with past recessions — small businesses are the first to hire when recovery begins.”
In contrast, compensation per employee slipped 0.3 percent in November, while hours worked remained flat. Average monthly pay for all small business employees was $2,592 per month in November, equating to about $31,100 per year. Small business hourly employees worked an average of 105.9 hours in November, translating to a 24.4-hour work week.
Taking the pulse of small business employment by census divisions and states across the country, we saw mostly positive growth from coast to coast with the exception of the West North Central division (in orange below), which experienced a 0.2 percent job loss.