U.S. small businesses added 35,000 jobs in May, the largest monthly increase in more than a year, according to Intuit Inc.
The increase is triple the average of 12,000 new jobs per month that have been added since the small business recovery began in April 2010.
In addition, employees worked longer hours and made more money during the month. Small businesses also made more money in April, with overall revenue per business across all industries increasing by nearly a quarter of one percent. Intuit’s Small Business Employment and Revenue Indexes revealed:
- Small businesses added 35,000 jobs, which brings total jobs added to 575,000 since March 2010, the beginning of the recovery in small business employment.
- Employees’ average monthly compensation grew 0.6 percent, an increase of $17 from April’s revised figure.
- Average monthly hours worked by hourly employees increased from April to May by 0.8 percent, which equates to 48 minutes.
Small businesses across the nation continue to show growth. Among the 39 states that Intuit tracks, only Michigan saw a decline in small business employment. Nevada reported the highest increase in employment at 0.5 percent, followed by Hawaii and Oregon at 0.4 percent, with Alabama, California, Idaho, Mississippi, Texas and Utah at 0.3 percent.