Small Businesses Seeing An Uptick
July brought growth to the country’s small businesses, with their employment numbers, compensation and hours worked increasing, according to an August 1 report 1 by the Intuit Small Business Employment Index. The report, which analyzed numbers from June 24 to July 23, defines small businesses as companies that have fewer than 20 employees.
Employment grew by 0.2 percent in July, which equals an annual growth rate of 2.9 percent, according to the company’s press release. Hours worked increase by 0.7 percent - or 8.6 percent annually - and compensation increased by 0.6 percent - or 7.6 percent annually.
“This means that small business owners are busy, giving their existing employees more work and paying them slightly more,” said Susan Woodward, the economist who worked with Intuit in studying the numbers. “The recovery is still slow, but these numbers, when viewed together, show that things are getting better, not worse.”
Since the growth in employment began in October 2009, the Index report found that small businesses have created 715,000 jobs.
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