According to Small Business Employment Index, by Intuit Inc., the month of October in 2010 saw a growth in employment, compensation and hours worked. In October, the employment by small business showed a growth of 0.2% (0.26% in September), which equals to 44,000(52,000 in September) new jobs, leading to 2.7%(3.2% last month) annual growth. The number of jobs added from October 2009 to this October is 5,30,000.
The Intuit Index had divided employment in terms of census divisions and geography. The data in regard with geography is based on 1000 small businesses who are the clients of Intuit and the data of census division is based on 59,000 small business employers.
On the whole, in the month of October, losses in jobs were seen in West North Central division and the increase in number of jobs was seen in East North Central division. This growth is the first time in three months. As per the states, Massachusetts, Virginia and North carolina showed the highest increase in employment. Small Business Employment according to U.S. Census Division had shown growth in most parts of the country except, West North Central Division.
The compensation and hours worked were flat in September, but showed an upward trend this month. The average monthly wage for all employees of small businesses showed an increase of 0.3% from September ($2,609 per month) to October ($2.617 per month). On an average, the average compensation for all small business employees per year is $31,400.
The hourly employees of small businesses worked on an average of 107.1 hours in October (106.4 hours in September), which equals to 24.7 hour per week. On the whole, an increase of 9% is seen at an annual rate.