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The Intuit Payroll’s July Small Business Indexes, a monthly report on employment and revenue trends of American businesses with fewer than 20 employees, shows that small businesses declined by 10,000 jobs in July, a decline of .05 percent. Utah's small business employment decreased by .04 percent, according to the indexes. The data is based on approximately 198,000 small businesses customers of Intuit Online Payroll and QuickBooks Online Payroll.
Small business revenues are gradually recovering from recessionary depths, but are just now reaching levels seen before the recession began in 2007, according to the first-of-its kind Intuit Small Business Revenue Index. The recently-launched Revenue Index is based on anonymized aggregated data from QuickBooks Online.
The July indexes also show:
The revenue index indicates that small businesses overall saw revenue decline in June of 0.3 percent. The only industry to see an increase in June was the ‘Construction’ industry at 0.20 percent.
The ‘Accommodation, Food Services’ industry saw the biggest decline in June at 0.6 percent, followed by ‘Retail’ with a 0.4 percent decline.
Average monthly pay for small business employees decreased to $2,962 or 0.2 percent; and monthly hours worked decreased 0.3 percent in July, corresponding to 107.6 hours.