Small Businesses' Monthly Wages Rise, but Employment Remains Flat
Small-business employment increased in 23 of the 39 states tracked by Intuit's Small Business Employment Index, but remained flat overall.Small-business employment remained flat in March for the second consecutive month while average hours worked and monthly wages both increased, according to the findings of the monthly Intuit Small Business Employment and Revenue Indexes. Employees' average monthly compensation grew 0.4 percent in March, an increase of $9 from February's revised figure while average monthly hours worked by hourly employees grew 0.2 percent in March, an increase of approximately 18 minutes from February's revised figure. "Small businesses are continuing to hire, but the rate of new hires remains low--close to the level it fell to in June 2009," said Susan Woodward, the economist who works with Intuit to create the indexes. "However, the number of employees leaving jobs or being laid off offsets the rate of hiring. Thus, employment levels remained flat for the second consecutive month." Hourly small-business employees worked an average of 108.8 hours in March, which translates to an 18-minute increase from February's figure of 108.5 hours, making for a 25-hour workweek, the report found.
Small-business employment increased in 23 of the 39 states tracked by Intuit's Small Business Employment Index. Kentucky continued to show the strongest state employment growth, at 0.3 percent.