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MOUNTAIN VIEW, Calif. – Nov. 30, 2010 – Small business employment continued to show growth in November, although wages were down and hours worked remained 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 0.24 percent in November, equating to an annual rate of about 3 percent. This translates to approximately 49,000 new jobs created nationwide. The Index is based on figures from the country’s smallest businesses that use Intuit Online Payroll.

“The recovery that began late last summer for small businesses is still underway,” said Susan Woodward, the economist who worked with Intuit to create the Index. “While employment at the national level for all businesses is barely rising, small businesses are showing a more robust increase. This is in line with what we’ve seen with past recessions — small businesses are the first to hire when recovery begins.”

Based on this latest data, the employment growth rate for October was revised upward to 0.26 percent, equating to 51,000 jobs added for the month and a 3 percent annual growth rate. Since the growth trend first began in October 2009, small business jobs have increased by a revised estimate of 670,000.

The Intuit Small Business Employment Index shows a 0.24 percent increase in employment for November. The employment index reflects data from approximately 59,000 small business employers who use Intuit Online Payroll. The month-to-month changes are seasonally-adjusted and informative about the overall economy. The National Employment Index is from the Bureau of Labor Statistics.

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According to the Intuit Small Business Employment Index, the growth of small business jobs rose again in the month of September, but at a slower rate than the revised growth rate for August. The employment growth translates to a 1.6% annual growth rate. 

Susan Woodward, the economist who worked with Intuit to create the Index, said “September’s employment numbers are good news – the fact that employment is still up, albeit modestly, and not down, is comforting”. She went on to say “This optimism is also based on the fact that August’s revised employment numbers were better than the original numbers. This continued growth in small business employment should make us less fearful of another decline in economic activity.”

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