Compensation grew 0.7 percent in July, to $2,624, up from a revised June figure of $2,606 per month. Hours worked also increased, by 0.9 percent to a total of 109.1 hours, up from 108.2 in June. That translates to a 25.2-hour work week in July, which means that while total compensation grew, hourly compensation dropped by three cents. Economist Susan Woodward said, "This is a big increase for compensation which, on an annual basis, would be nearly 10 percent per year. The increase in hours worked is also large. It appears that small businesses are busy, and need additional help, but are asking their existing people to work more hours rather than hiring more people."
The latest Index also offers a geographical breakdown. The Mountain and South Atlantic states did the best, showing 0.3 percent growth; the West North Central and East North Central states (the Dakotas, Nebraska, and Kansas east through Ohio) did the worst, at falling 0.2 and 0.1 percent respectively. Among states for which Intuit had data for at least 1,000 businesses, Maryland did the best with 0.5 percent growht, while New Jersey suffered a 0.3 percent drop.
Intuit bases its Index on data from 62,000 businesses with fewer than 20 employees that use Intuit Online Payroll.