Intuit QuickBooks has announced the latest data for its Intuit QuickBooks Small Business Index, a powerful monthly indicator of employment and hiring among small businesses in the US, Canada and UK. The Index is developed in collaboration with leading global economist Professor Ufuk Akcigit of the University of Chicago.
Some of the more notable stats include:
- During March, Small US businesses, with 1-9 employees, employed 39,600 fewer people nationally compared to the previous month. That’s a monthly decrease of -0.31% to 12,773,100 jobs — a larger decrease than the Index predicted in February, when employment was predicted to drop by -0.06%.
- Regionally, the Southwest (Arizona, New Mexico, Oklahoma, Texas) had the largest decrease in small business employment, with a drop of -0.67% to 1,566,900 jobs. The Rocky Mountain region (Colorado, Idaho, Montana, Utah, Wyoming) had the smallest decrease, with employment down by just -0.03% to 500,700 jobs.
- Sectors with the smallest decreases in small business employment were: utilities, natural resources and mining, and retail.
The Intuit QuickBooks Small Business Index is unique in its unparalleled sample size (16 times the size of the BLS’ JOLTS report). The focus is on the smallest of small businesses (those with 1-9 employees in the US and UK, and 1-19 employees in Canada). These businesses are vital to the current and future health of the economy, but often are underrepresented in economic data.
Additionally, it does not just rely on survey samples, but also on anonymized QuickBooks Payroll data, which is aggregated and normalized against official government statistics before publication using proprietary economic models purpose-built by world-renowned independent global economists led by Professor Akcigit.
For context, QuickBooks is the No. 1 payroll service provider for small businesses.
As used herein, QuickBooks and QuickBooks Payroll refer to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California.
Feature content has been furnished by, or otherwise adapted from Intuit media source materials. Source materials adapted by Insightful Accountant are furnished for educational purposes only.
Any other trade names used herein refer to products which may be registered or trademarked or otherwise held by, their respective owners; they are referenced for informational and educational purposes only.
This is an editorial feature, not sponsored content. None of the vendors within this article have paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
The publication of this article, nor inclusion of this product within the related series, does not represent any endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
Like what you’re reading?
Subscribe to our FREE newsletter and we’ll deliver content like this directly to your inbox.