55K Jobs Created in November According to Small Business Employment Index

November 29, 2011 (PLANSPONSOR.com) – According to the results from the Intuit Inc. Small Business Employment Index, small businesses created 55,000 new jobs in November, but employees continued to work fewer hours and make less money.  

The monthly report found small business employment grew by 0.3% in November, equating to an annual growth rate of 3.2%. Hours worked and compensation fell by 0.3% and 0.18%, respectively.

Small business hourly employees worked an average of 107.8 hours in November, making for a 24.9-hour workweek. This is a 0.3% decrease from the revised October figure of 108.1 hours.

Average monthly pay for all small business employees declined slightly to $2,637 in November. This is a 0.18% decrease compared to the October revised estimate of $2,642 per month. The equivalent annual wages would be about $31,600 per year, which is part-time work for many small business employees.

“Small business employment continues to grow slightly in most divisions and states for which we measure employment,” said Ginny Lee, senior vice president and general manager of Intuit’s Employee Management Solutions division. “However, as reflected at a national level, overall signs are mixed as hours worked and compensation are both down in all divisions and most states.”

The Intuit Small Business Employment Index is based on aggregate and anonymous online employment data from approximately 71,000 small business employers, each with fewer than 20 employees.