Small businesses with fewer than 20 employees have created nearly 333,000 new jobs since October 2009. The index is based on payroll data from 57,000 small businesses. A steady upward hiring trend began in 2009, according to Intuit’s Sharna Brockett.
“Small businesses are creating jobs, but they’re creating them at a slower rate than in June and the month before. Small businesses created 40,000 jobs. Texas, you saw employment increase among small businesses by 0.1 percent.“
Compensation grew by 0.7 percent in July. Monthly hours worked increased by 0.9 percent the previous month.
“You know, we saw this increase in compensation and in hours worked. And so what that means is that, you know, businesses are busy. You know, they do need additional help, but what they’re doing is they’re relying on their existing employees to work more hours rather than in hiring more people.“
Eight-seven percent of U.S. employers are small businesses, employing about 20 million workers.
Ed Mayberry, KUHF News.