Small businesses added 15,000 jobs in March
Pay declines slightly

By Katherine Michalets - Freeman Staff

April 2, 2014

WAUKESHA - Small businesses added 15,000 jobs in March, according to data issued by Intuit Inc., but pay for employees was down 0.16 percent.

Intuit’s monthly Small Business Employment and Revenue Indexes showed that 895,000 jobs were added since March 2010 by small businesses. Hourly employees worked an average of 107.4 hours in March, down 23 minutes from February’s revised figure. In addition, small business employees’ monthly pay fell by 0.16 percent, with average compensation reaching $2,760, down $4.30 from February, according to the report.

These findings come from the monthly Intuit QuickBooks Small Business Employment Index and are based on data from Intuit Online Payroll and QuickBooks Online Payroll, covering the period from Feb. 24 to March 23.

Revenues per small business across all industries fell by 0.14 percent in February, which translates to a decline of 1.7 percent when annualized. The Professional Services category showed the largest monthly increase in revenue, at 0.2 percent, according to the report. The Real Estate category continued to post the largest revenue decline, falling 0.5 percent in February and 6.3 percent on an annualized basis.

“We see some softness in small business employment - fewer hourly people working full time, a decline in hours worked, and a decline in the hiring rate, despite a rise in the hourly wage and overall, a rise in employment,” said Susan Woodward, the economist who works with Intuit to produce the Small Business Employment and Revenue Indexes.

“While the figures are adjusted for the seasons, they are not adjusted for unusual weather, so some of the softness may be the result of an unusually cold and snowy winter in the East and Midwest.”