MassMutual Northwest

INDEX SAYS: WASHINGTON EMPLOYMENT DECREASED BY 0.07 PERCENT IN OCTOBER

Intuit QuickBooks’ Small Business Indexes are monthly reports providing unique and almost real-time insight into employment and revenue trends of the nation’s small businesses with fewer than 20 employees.
 
The Intuit Small Business Employment Index found that national small business employment remained flat in October, posting a slight increase of 0.01 percent from the September figure. The Intuit Small Business Employment Index
is based on approximately 271,750 small businesses customers of Intuit Online Payroll and QuickBooks Online Payroll, covering the period from September 24 through October 24.
 
The Intuit Small Business Revenue Index showed that September revenue decreased 0.3 percent nationally. The Revenue Index is based on anonymized aggregated data from over 240,000 QuickBooks Online small businesses, and is the first in the market to provide current information on monthly per business small business revenue.
 
The Indexes also show:

  • Employees got raises: Small business employees saw another increase in monthly pay in October, with compensation rising 0.6 percent. The average monthly pay is currently $2,904, up $17 from September.
  • Employees worked considerably more: Average monthly hours worked by hourly employees increased 0.6 percent in October; the equivalent of working 45 more minutes throughout the month (an average of 113.1 total hours in October).
  • Revenue declined in August: Small business revenues overall saw a decrease of 0.3 percent in September on a per-business basis. The ‘Real Estate and Rental and Leasing’ category showed the largest monthly revenue decrease of 0.7 percent, while the ‘Construction’ category saw the largest revenue increase last month, rising 0.4 percent.

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