Intuit QuickBooks has released the July 2023 Intuit QuickBooks Small Business Index. The powerful monthly indicator of employment and hiring among the smallest of businesses within the US, Canada and the UK was developed in collaboration with leading global economist Professor Ufuk Akcigit of the University of Chicago.
Here, we provide a synopsis of some of the US components of the index.
Despite harsh market conditions and historically high interest rates, the findings signal small businesses—which saw a remarkable 0.4% jobs increase in July—are playing a significant role in driving national employment growth and overall economic resurgence in the US.
The top three sectors with the highest employment growth rates were:
- Agriculture, natural resources and mining (+0.98%)
- Construction (+0.56%)
- Wholesale trade, education and health services (both up +0.51%)
While all eight regions saw employment growth, the Plains (0.93%) and Great Lakes (0.78%) regions recorded the highest levels. The Great Lakes added +15,000 jobs—the largest net employment change this month.
For more details regarding the Index, refer to the most current findings HERE.
The number of small businesses, the jobs they create and the innovations they bring make them vitally important to the economy—but it often is challenging to get access to meaningful data on small businesses.
This means they risk being under—or misrepresented—in most data reporting currently available today. This makes it harder to give them the support they need to succeed.
The Index methodology is robust and stands out from other reports in the market by being calibrated against official statistics and focusing exclusively on small businesses while also eliminating publication delays.
Unlike other small business indexes, it does not rely exclusively on survey data. Instead, anonymized QuickBooks Payroll records are aggregated and normalized against official government statistics before publication using purpose-built economic models created by Professor Akcigit and his international team of independent economists.
This means the Index can provide a near real-time reflection of hiring and employment in the small business economy—rather than trends only in the QuickBooks customer base—just a few days after small businesses run payroll.
Disclosures
Feature content and graphic materials were adapted from informational press content furnished by Access the Agency on behalf of Intuit QuickBooks Small Business Index. The adapted source content by Insightful Accountant is furnished for educational purposes only.
As used herein, QuickBooks® and the Intuit QuickBooks Small Business Index refer to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California.
Any other trade names or references used herein may refer to registered, trademarked or copyrighted materials held by their respective owners; they are included in the content for informational and educational purposes only.
This is an editorial feature, not sponsored content. No vendor associated with this article has paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
Note: Registered Trademark ® and other registration symbols (such as those used for copyrighted materials) have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarks or copyrights within our respective article footnotes and disclosures.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.