Intuit has released the Intuit QuickBooks Small Business Index covering September, 2023.

The index is a valuable monthly indicator of employment and hiring among the smallest of businesses within the US, Canada and the UK. The index is a collaboration between Intuit and leading global economist Professor Ufuk Akcigit of the University of Chicago.

Here’s a snapshot of some of the US components of the index.

During September 2023, US small businesses with one to nine employees created 16,000 jobs — an increase of 0.1325% over August.

The Plains was the area with the most significant growth rate at 0.23%, followed close behind by New England with a growth rate of .19%.

The Far West and Great Lakes both saw a growth increase of 0.14%, while the Southwest saw the slowest increase in growth at only 0.06%.

According to the index, small business employment grew in five sectors during September:

Agriculture, natural resources & mining (NAICS 11; 21) added 900 jobs, with a monthly growth rate of 0.5%.

Leisure and hospitality (NAICS 71 & 72) added 4,400 jobs, with a monthly growth rate of 0.28%.

Education and health services (NAICS 61 & 62) added 2,200 jobs, with a monthly growth rate of 0.09%.

Wholesale trade (NAICS 41&42) added 200 jobs, with a monthly growth rate of 0.04%.

Construction (NAICS 23) added 200 jobs, with a monthly growth rate of 0.03%.

Transportation and warehousing (NAICS 48 & 49) saw the worst decline with 300 jobs lost, and a monthly rate of decline at -0.54%.

Information (NAICS 51) saw the second worst decline, down by 1200 jobs. a -0.43% decrease (month over rate).

For more details regarding the Index, refer to the most current findings HERE.  


Feature content and graphic materials were adapted from informational content within the Intuit QuickBooks Small Business Index. The adapted source content by Insightful Accountant is furnished for educational purposes only.

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The Intuit QuickBooks Small Business Index creates aggregated data outputs from a sample of anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modeled results which better reflect the general population of small businesses in each country, as represented by published official statistics. Statistical adjustment ensures the Index truly reflects employment and job vacancy changes rather than trends in the QuickBooks customer base.

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