Intuit Payroll’s latest index says that US small businesses created 40,000 new jobs last month. But the company is preparing to roll out a new model for the index that more accurately reflects revenue numbers.
“My best guess is that small businesses created no jobs in September.”
Economist Susan Woodward, who helped develop both versions of the indicator, says Texas is one of the rare exceptions.
“House prices are recovering in Texas. Unemployment fell a full percentage point in Texas from last year, from 8.1% to 7.1%. That all points to Texas doing better than the other states in terms small business employment, too, because the small business employment right now is being dominated by gains in employment in construction.”
Woodward estimates hiring at Texas small businesses rose less than 0.4% in September compared to August.