Small business hiring rose slightly in October, due to an increase in independent contractors. Salaries continued to decline.
The Hiring Index is a proxy for the size of the average small business workforce, including employees and contractors. Its nominal rise of five points this month implies that on average small businesses managed to keep employees on board despite the tough economy.
The average small business salary decreased for the 21th consecutive month, as evidenced by the SurePayroll Pay Index dropping nine points in October to 954. The monthly SurePayroll Scorecard data for September 2009 can be found in the table below.
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About the Scorecard
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.
Questions regarding the SurePayroll Small Business Scorecard can be directed to Michael Alter. Michael can be reached at malter@surepayroll.com or by phone at 847.676.8420 ext. 7229.
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