Nashville Business Journal: 55,000 new jobs added in November, while hours, compensation decline
Intuit Inc. released the results of its Small Business Employment Index on Tuesday, and while it shows small businesses added 55,000 news jobs, employees are working fewer hours and making less money.
The California-based company (Nasdaq: INTU) said the report dates from Oct. 24 to Nov. 23, and includes companies with fewer than 20 employees.
"The seasonally adjusted small business employment growth rate is up this month, but the overall signals are mixed," said Susan Woodward, an economist who worked with Intuit to create the Index. "In addition to the rise in the employment growth rate, the hiring rate, or the proportion of new employee hires, is up also, as is the hourly wage. On the other hand, total compensation is down, part-time workers aren't getting as many hours, and there are fewer hourly employees who are working full time."
Small business hourly employees worked an average of 107.8 hours in November, or a 24.9-hour workweek, and average monthly pay was $2,637.
Click here to read the press release from Intuit.
