Posts Tagged ‘employment’
Small business employment continued to show growth in December with hours worked up and wages flat.
Those were among the results of this month’s update of the Intuit Inc. (Nasdaq: INTU) Small Business Employment Index. The monthly report found that small business employment grew by 0.3 percent in December, equating to an annual growth rate of about 3.4 percent. This translates to approximately 57,000 new jobs created nationwide. The Index is based on figures from the country’s smallest businesses that use Intuit Online Payroll.
“Small business is still the most vigorous sector of the employment picture,” said Susan Woodward, the economist who worked with Intuit to create the Index. “We generally see a rise in employment for all businesses in December, but this year it is unusually strong. We can hardly see the recovery in overall national employment, but among small businesses, the recovery, albeit slow, is unambiguous.”
Based on this latest data, the employment growth rate for November was revised upward to 0.4 percent, equating to 73,000 jobs added for the month and a 4.4 percent annual growth rate. Since the growth trend first began in October 2009, small business jobs have increased by a revised estimate of 880,000.
Job growth picked up last month to 151,000 as employers across a broad spectrum of industries added to their staff, the Labor Department reported Friday morning.
While the job situation was considerably improved from the summer, when layoffs in the public sector led to overall job losses, October’s job gains were not enough to draw down the unemployment rate from 9.6 percent, where it has stayed for months. Unemployment is down from its peak a year ago of 10.1 percent, however.
The brighter jobs picture suggests that the Federal Reserve’s cash infusion for the economy may already be working to spur a pick-up in economic activity. The growth in jobs was particularly large in retail, at 27,900 during the month, suggesting that merchants expect a recent uptick in consumer spending to continue.
Growth in education and health care jobs was also robust, at 34,900, and temporary jobs resumed their strong expansion of 53,000 during the month. Even the beleaguered construction industry saw a small job gain of 5,000, helping to offset relatively small losses of 8,000 positions in government and 7,000 in manufacturing.
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