Intuit Payroll’s March Small Business Employment Index shows that 50,000 new jobs were created just this month. Intuit’s Sharna Brockett says the survey is almost real-time insight into jobs created by small businesses.
“The smallest of small businesses—so those with fewer than 20 employees are starting to hire, and they’ve actually been hiring since mid-2009. And in March, we actually saw that they grew by 0.25%, which equals about 50,000 new jobs in March. And since we’ve started to see this upward trend in mid-2009, they’ve roughly added 175,000 new jobs to the economy.”
Brockett says small businesses often show the first signs of an economic rebound, as they begin hiring earlier than larger businesses.
“Small businesses will show when we’re headed towards a recession before the rest of the market shows signs of that, but they’ll also shows signs of when we’re headed towards a recovery, and we’re definitely seeing signs of that.”
The report looked at compensation and hours worked, and both are flat.
“So that still reflects that we have a slack labor market, but for small businesses, this is actually good because they don’t have to pay people more. They can, you know, they can hire people. They’re lots of people who want jobs, and they don’t have to necessarily pay them more.”
This is the first Small Business Employment Index from Intuit, which plans to conduct the survey monthly.