Hiring, revenue survey shows small biz is hurting

By | Small Business

NEW YORK (AP) — A new survey has brought more signs that small businesses are hurting: Their rate of hiring slowed in August and their revenues fell.

The survey by Intuit Inc., a manufacturer of business software, found that employment at small businesses rose 0.16 percent, or about 30,000 new jobs. That was down from July's 0.2 percent growth rate.

Slower hiring by small companies is troubling, since other surveys have shown they are reluctant to take on new employees when business owners are uncertain about their sales and the overall economy. They're also uneasy about the outcome of the November elections.

More information about small business hiring arrives Thursday, when payroll firm ADP releases its numbers for August, and Friday, when the Labor Department releases its report on employment for the month.

The survey also found that revenue at small businesses fell by 0.6 percent last month. The largest drop was in the retail, lodging and restaurant industries, where revenue fell 1.1 percent. The smallest decline was in health care and social assistance, where revenue fell 0.4 percent.

Intuit compiled its employment numbers from data from 83,000 small business employers. The revenue numbers were compiled from data from about 100,000 small companies.

Subscribe to our mailing list
* indicates required
Small Business Services