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Small Business Hiring Up in May
Published on Jun 1, 2011
Read our article, 'Small Business Hiring Up in May' at 'Time to Start Up,' the small business blog by BizFilings.
Hiring among the nation's small employers grew in May, as the most recent Intuit Small Business Employment Index noted a 0.2 percent gain in payrolls.
According to the report released Tuesday by the Mountain View, California-based financial solutions firm, small businesses added 45,000 jobs last month - a slight gain for a sector that employs nearly half of all private workers in the U.S.
The report also revealed slight drops in both hours worked and compensation, falling 0.13 and 0.14 points, respectively.
"Because compensation and hours dropped slightly, we can say the market for small business employment is a bit softer than last month," said Intuit economist Susan Woodward. "However, in light of recent tumult in Japan, Greece and right here at home, it's a comfort that small business employment continues to improve at all."
The news came the same day the Conference Board reported an overall drop in consumer confidence for the month of May. While most economic indicators are relaying good and bad news, Friday's jobs report from the Labor Department will be awaited as a chief indicator of employment activity.