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News & Press: Arizona Business News Updates

Small businesses show increasing growth in Arizona

Thursday, May 1, 2014   (0 Comments)
Posted by: Rhette Baughman
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Small businesses in Arizona posted their second straight month of hiring gains, possibly signaling stronger growth to come.

Hiring at Arizona’s small firms increased 0.16 percent in April, according to the latest Small Business Index from Intuit.

Overall, hiring picked up this past month at small businesses across the country.

U.S. small businesses added 25,000 jobs in April, according to Intuit.

“This month’s employment increase comes after three successive months with little to no small business employment growth,” said Susan Woodward, the economist who works with Intuit on its index. “In fact, it’s the fastest rate we’ve seen over the past year.”

Another positive is employees’ average monthly compensation also grew in April by 0.06 percent. That translates to $2,741, or $2 more than March.

That extra cash came without workers having to put in additional hours. The average monthly hours worked remained essentially flat this month, declining 0.05 percent, or three minutes a month.

Despite the growth, Woodward said the numbers do not paint a rosy picture.

“We still have an economy with high unemployment,” she said.

In addition to hiring, Intuit also tracks small-business revenue, which fell 0.7 percent in March.

While Intuit breaks out hiring percentages for states, its index does not break down specific revenue by state.

Originally posted at Phoenix Business Journal. Written by Tim Gallen.

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