Commenting on the findings, economist Susan Woodward of Sand Hill Econometrics said, "Small businesses are looking healthier. Every trend we measure -- employment, hours worked, and monthly compensation -- is showing signs of a recovery. Last month the national figures finally began to show a recovery for larger businesses and the entire economy, but for small businesses, the recovery has been underway for more than half a year."
Though not robust, compensation and monthly hours worked also increased in April by a meager half percent. Compensation has been flat since 2008 including the compensation that business owners allocate to themselves. Average monthly compensation is no $2,607.
The monthly index is based on payroll data from more than 50,000 small businesses using Intuit Online Payroll and represents approximately 220,000 employees.
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