May Intuit Survey Shows that Small Businesses Hired the Most since January 2012
According to Intuit Survey, companies with fewer than 20 employees created 35,000 jobs in May which is the most jobs added since January 2012. Nevertheless, hourly employees worked an average of only 106.7 hours, down 6 minutes, from April. That’s a 24.6-hour work week, continuing a trend of declining hours that began in mid-2011.
This employment index is based on data from Intuit Online Payroll and QuickBooks Online Payroll, covering the period from April 24 through May 23.
More details from Intuit economist:
“The small business economic picture remains conflicted,” said Susan Woodward, the economist who worked with Intuit to create the indexes. “While May’s small business employment figures are the best we have seen since January 2012, small business revenues have continued to decline month over month on a per-business basis.”
“Among the industries tracked, small business retail revenues have been hit the hardest this past quarter, followed by small business healthcare, which has seen the biggest revenue decline over the past year. The silver lining continues to be the construction sector, which is the only one to see year-over-year revenue growth on a per-business basis. The good news is the hiring rate, which has been essentially flat since mid-2009, has picked up slightly.”
Note that this survey suggests that nonfarm payrolls which will be published on June 7 could be better than expected.