Intuit Small Business Employment Index Shows Weak Employment Growth for August

Small businesses created 35,000 new jobs in August, but employees worked fewer hours and received less money. These are among the results of this month's update of the Intuit Inc. INTU Small Business Employment Index, covering the period between July 24 and Aug. 23. The monthly report found that small business employment grew by 0.18 percent in August, equating to an annual growth rate of 2.2 percent. Hours worked and compensation decreased by 0.3 percent and 0.08 percent respectively. Since the hiring trend began in October 2009, small businesses have created 540,000 new jobs. The Index is based on figures from small businesses with fewer than 20 employees that use Intuit Online Payroll. Based on these latest numbers and revised national employment data from the Bureau of Labor Statistics, Intuit revised slightly downward the previously reported growth rate for July to 0.21 percent from 0.24 percent. This equates to 40,000 jobs added in July.