That’s among the findings in the latest monthly Intuit Small Business Employment Index. There’s still job growth, but it’s at a slower rate—it grew by 0.1 percent last month. And Intuit’s Sharna Brockett says other factors remain unchanged.
“Both compensation and hours worked pretty much remained at about the same level as the month before.”
Ed: “Is it caution? Is it being conservative? Is it worry? Is it waiting for legislation? What things do you think are contributing?”
“It’s all of the above. There’s other economic indicators out there now that are showing that things are slowing, as well, and you know, small business owners are not going to hire unless they feel that things are picking up, and we’re seeing that in our data.”
The August employment growth translates to about 26,000 new jobs nationwide—the same number of jobs added in July.
“We saw a 0.1 percent increase in small business employment in August. That’s about a 1.2 percent annual growth rate. For us to be really in a healthy spot, we’d like to see a three percent annual growth rate. Small businesses have traditionally been the first to hire when we’re coming out of a recession. And so, you know, we would have hoped to see more employment growth at this time.”
Since the growth trend first began last October, small business jobs have increased by 340,000.