Hiring increased nearly 2 percent in the month of February, with continued and increasing reliance on independent contractors. Paychecks have increased slightly for the second month in a row, indicating that wages could be stabilizing.

National Trends January 2010         State Trends January 2010

 

February 2010 National Small Business Trends

Small business hiring and paychecks both rose in the month of February, though the wage increase was so small that it did not move the index, which is rounded to the nearest whole number.

The Hiring Index is a proxy for the size of the average small business workforce, including employees and contractors. Its rise of 126 points this month implies that small businesses continue to hire despite the tough economy. Though just up one point from the previous month, the average small business salary finally increased after 23 months of a downward trend.

SurePayroll Hiring Index SurePayroll Pay Index
February ’10 11,880 944
January ’10 11,754 944
December ’09 11,663 943
November ’09 11,571 947
October ’09 11,523 954
September ’09 11,494 962
August ’09 11,489 967
July ’09 11,468 976
June ’09 11,447 984
May ’09 11,430 992
April ’09 11,404 1,001
March ’09 11,368 1,010
February ’09 11,341 1,019

 

 

February 2010 Regional Small Business Trends

This month, all regions experienced increases in hiring and paychecks, though the wage increase in the Northeast was so small that it did not move the index, which is rounded to the nearest whole number.

Midwest Results
SurePayroll Hiring Index SurePayroll Pay Index
February ’10 11,428 951
January ’10 11,302 950
December ’09 11,201 947
November ’09 11,086 951
October ’09 11,013 954
September ’09 10,957 968
August ’09 10,923 976
July ’09 10,870 986
June ’09 10,824 995
May ’09 10,782 1,003
April ’09 10,734 1,012
March ’09 10,686 1,021
February ’09 10,638 1,027

 

Northeast Results
SurePayroll Hiring Index SurePayroll Pay Index
February ’10 12,249 959
January ’10 12,187 959
December ’09 12,118 952
November ’09 12,035 957
October ’09 11,960 973
September ’09 11,960 973
August ’09 11,946 978
July ’09 11,903 987
June ’09 11,854 997
May ’09 11,800 1,007
April ’09 11,729 1,019
March ’09 11,648 1,034
February ’09 11,575 1,048

 

South Results
SurePayroll Hiring Index SurePayroll Pay Index
February ’10 11,617 949
January ’10 11,493 948
December ’09 11,422 941
November ’09 11,336 940
October ’09 11,289 943
September ’09 11,252 947
August ’09 11,252 951
July ’09 11,218 957
June ’09 11,179 962
May ’09 11,150 968
April ’09 11,114 975
March ’09 11,057 982
February ’09 11,575 1,048

 

West Results
SurePayroll Hiring Index SurePayroll Pay Index
February ’10 11,383 1,120
January ’10 11,241 1,116
December ’09 11,142 1,119
November ’09 11,072 1,120
October ’09 11,052 1,124
September ’09 11,063 1,128
August ’09 11,087 1,129
July ’09 11,119 1,133
June ’09 11,152 1,135
May ’09 11,183 1,137
April ’09 11,208 1,140
March ’09 11,220 1,142
February ’09 11,247 1,144

 

The SurePayroll Hiring Index and the SurePayroll Pay Index are generated as part of SurePayroll’s Small Business Scorecard, an economic indicator that tracks the health of the U.S. small business economy. The Small Business Scorecard is generated from actual payroll data — paychecks issued to contractors and employees — for tens of thousands of small businesses nationwide.

About the Scorecard

Set in 2004, the SurePayroll Hiring Index (with a baseline of 10,000) and the SurePayroll Pay Index (with a baseline of 1,000) are generated as part of the SurePayroll Small Business Scorecard®, an economic indicator that tracks the health of the U.S. small business economy. The SurePayroll Small Business Scorecard is generated from actual payroll data — paychecks issued to contractors and employees — for tens of thousands of small businesses nationwide.

Questions regarding the SurePayroll Small Business Scorecard can be directed to Lori Bolas or Jennifer Signorini. Lori can be reached at loriann.bolas@surepayroll.com or by phone at 847.676.8420 ext. 7248. Jennifer can be reached at surepayroll@racepointgroup.com or by phone at 617.624.3217.