Modest growth in small business employment in September

We keep hearing about how the economy is maybe, possibly sort of beginning to turn around. But are small businesses turning around too? Judging by a just released study about small businesses by Intuit, the answer is yes.

According to Intuit’s study, 27,000 small business jobs were created in September.

The monthly report found that small business employment grew by 0.14 percent in September, equating to a 1.6 percent annual growth rate. The revised growth rate for August shows that jobs increased more than previously reported – a 0.19 percent increase instead of 0.13 percent, or 2.4 percent on an annual basis.

While growth was not as high in September as it was in August, the fact that small businesses are seeing continued growth – however modest – is a good to see. The September and August employment growth translates to approximately 66,000 new jobs nationwide. Since the growth trend first began in October 2009, small business jobs have increased by an estimate of 430,000.

While jobs are slowly increasing, hours worked and compensation remained relatively flat. The average weekly hours worked by employees was at 105.3 hours (+0.03%) and average monthly compensation dropped to $2,602 (-0.15%).

If you want to see how employment was spread out throughout the US, here’s a slide from Intuit’s study broken down region.

[Intuit Study on Small Businesses]

%d bloggers like this: