Small Biz Employment Factors Improve In July
Hiring, wages, hours worked all up
July was an all-around good month in terms of small businesses and employment, judging by the latest Intuit Small Business Employment Index. Three key measurements all improved to varying degrees, essentially leaving more people working more often for more money.
Small business employment grew by 0.2 percent, which is down from the previous month, but isn’t a bad start. The only state that saw an actual decrease in employment is New Jersey, and any growth is much better than another period of tight payrolls and layoffs, after all.
Plus, 0.2 percent equals a better-sounding 40,000 real jobs.
Then here are the other two key points: according to a statement Intuit released, “[I]n July, both wages and hours worked increased by 0.7 and 0.9 percent respectively.” So it’s not like small businesses were just hiring kids for minimum wage and having them sweep the floors once a week.
Susan Woodward, an economist who helped create the Intuit Small Business Employment Index, said as a result, “These latter signs indicate a continued general recovery despite slowing growth in employment.”
August appears to be off to a good start, too, considering that the Dow’s up 1.80 percent at the moment.