The new year is off to a slow start for several industries—according to the Intuit QuickBooks Small Business Index Q1-2024 Trends, 11 out of 12 sectors tracked by the Index saw declining small business employment in Q1 2024. The wholesale trade sector (NAICS 41-42) was the only exception.
But there is good news. Year-over-year (comparing March 2024 to March 2023), seven of the 12 sectors tracked by the Index had positive annual growth rates.
The education and health services sector (NAICS 61-62) is a particularly bright spot. This sector added more jobs at small businesses than any other within the last 12 months, employing about 2.4M people at the close of the first quarter.