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CU System
Small biz employment grew slightly in March says Intuit
MOUNTAIN VIEW, Calif. (4/16/10)--Employment for small business grew slightly more in March than in February, extending a trend that began in mid-2009, according to the Small Business Employment Index from Intuit Inc. Intuit Inc. includes Intuit Financial Services, a CUNA Strategic Services provider of online banking services to credit unions. Small business growth can translate into increased business for credit unions providing member business services or member business lending.. The index showed that March employment went up 0.25% , which projects to a 3% annual growth rate, said Intuit. That translates to roughly 50,000 new jobs in March and a slightly revised estimate of roughly 175,000 new jobs since June 2009, when the upward trend began. "All the numbers indicate a continuing recovery for small businesses that began in the summer of 2009," said Susan Woodward, an economist who helped Intuit create the recently launched monthly index. "And while the numbers may seem small, they show clearly that small businesses are hiring, and stopped trimming their payrolls last summer." The average compensation for all employees and hours worked per month for hourly employees were flat, said Intuit, at $2,562 per month and 103.1 hours worked. That translates to annual wages of $31,000 and a 24-hour work week. Small businesses are hiring, but with the excess of workers, they don't have to pay more to attract employees, said Woodward, a former chief economist of the U.S. Department of Housing and Urban Development and at the Securities and Exchange Commission. The index includes aggregate and anonymous employment data from about 50,000 small businesses.
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