Employment growth slows in small businesses

By Julie Wernau
Posted Aug. 2, 2010 at 8:36 a.m.

Hiring slowed last month among small businesses with fewer than 20 employees, according to a monthly report by Intuit Online Payroll, a small business payroll provider.

The monthly index — culled from payroll data from approximately 62,000 small businesses — found that employment among small businesses rose about .1 percent in Illinois and 0.2 percent nationwide. Approximately 40,000 new jobs were added in July nationwide, a decrease from 45,000 jobs added in June, Intuit said.

The data also showed that workers made more money and worked longer hours. Compensation grew by 0.7 percent in July to $2,624 per month, up from $2,606 per month in June and monthly hours worked also increased by 0.9 percent.

Since October 2009, small businesses have seen steady employment growth and have added 330,000 jobs, reversing a downward trend that began in 2007.

The full report can be found here.

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