Intuit Launches New QuickBooks Small Business Index, Providing Unique and Up-To-Date Insight Into Small Business Economy Through Employment and Hiring Data
First monthly Index report shows small businesses in
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The Intuit QuickBooks Small Business Index uses purpose-built economic models to normalize anonymized QuickBooks customer data against official government statistics to reflect the general population of small businesses in each country; it is not a reflection of Intuit’s business. This robust methodology expands Intuit’s ability to more clearly delineate between Intuit’s small business customers and the small business community at large, while also providing a powerful new tool that can inform government policies that impact small businesses around the globe, as well as to help small businesses make key decisions.
The Index’s primary benefit is its unparalleled focus on small businesses, which are vital to the current and future health of the economy but often underrepresented in economic data. By shining a brighter light on small businesses with timely insights, Intuit hopes to increase small business growth and success rates throughout Canada, the US, and the
FRESH INSIGHTS ON CANADIAN SMALL BUSINESS EMPLOYMENT
Employment and hiring data is the bellwether for the overall economic health of Canada and the first monthly Index reveals:
- In February, small businesses with one to 19 employees employed 8,700 fewer people (seasonally adjusted) nationally compared to the previous month, which is a monthly decrease of 0.17 per cent. Despite the drop, Canadian small businesses with one to 19 employees still accounted for 5,201,500 jobs.
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Sectors that experienced the largest decreases in employment in
Canada were Finance and Real Estate (-0.43 per cent), Construction (−0.26 per cent), and Professional Services (−0.17 per cent) while employment increased in Accommodation and Food Services (2.45 per cent), Education (1.19 per cent) and Business Services (1.16 per cent). -
The region which saw the most growth was
Québec , growing by 0.91 per cent to 1,070,500 jobs. However,Ontario saw the largest decrease, with a drop of -0.29 per cent to 1,917,100 jobs.
Renowned global economist, and
“It’s encouraging to see that the Intuit QuickBooks Small Business Index indicates that employment levels have remained relatively stable over the past six quarters. As small businesses continue to play a vital role in the Canadian labour market, it makes it even more important we now have a tool like the Intuit QuickBooks Small Business Index that will focus on unearthing timely insights into their overall employment health and within specific sectors and regions.”
NEW INSIGHTS PUBLISHED MONTHLY
New data insights will be added to the Intuit QuickBooks Small Business Index dashboard and published in regular blog posts at the earliest opportunity every month. To subscribe, and get a full list of publication dates for 2023, visit the Intuit QuickBooks Small Business Index interactive hub.
In Canada, the Intuit QuickBooks Small Business Index shows the number of people employed by small businesses with 1-19 employees in the previous month and how that number has changed since the month before. These data insights are available at the national, regional, and sector levels; based on a total sample of almost 66,000 businesses. Typically, the Index will be published several days before
In the US, the Index shows the number of people employed by small businesses with 1-9 employees in the previous month and how that number has changed since the month before. These data insights are available at the national, regional, state (when sample sizes are sufficient), and sector levels; based on a total sample of almost 333,000 businesses. Because the Index is powered by anonymized data from QuickBooks Online Payroll, its data insights are available up to nine months earlier than equivalent official statistics, giving a more up-to-date picture of small business employment.
In the
ROBUST METHODOLOGY
The Index methodology is robust and stands out from other reports in the market by being calibrated against official statistics and focusing exclusively on small businesses while also eliminating publication delays. Unlike other small business indexes, it does not rely exclusively on survey data. Instead, a sample of anonymized QuickBooks Online Payroll records are aggregated and normalized against official government statistics before publication using purpose-built economic models created by Professor Akcigit and his international team of independent economists. This means the Index can provide a near real-time reflection of hiring and employment in the broader small business economy — rather than the QuickBooks customer base — just a few days after small businesses run payroll.
Visit the Intuit QuickBooks Small Business Index interactive hub for further insights and to stay up to date on the latest Index releases.
Notes to Editors
METHODOLOGY
The Intuit QuickBooks Small Business Index creates aggregated data outputs from anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to 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 changes in the QuickBooks customer base. Get the full methodology on the Intuit QuickBooks Small Business Index interactive hub.
Rounded values
Total and monthly changes in employment and job vacancies have been rounded to the nearest hundred. Monthly changes and growth rates are calculated before total employment or job vacancy values are rounded. Rates have been rounded to the nearest hundredth.
Seasonal adjustments
The Index’s data insights are seasonally adjusted to limit the effect of seasonal patterns in employment and hiring throughout the year, which lead to regular fluctuations in workforce growth and contraction.
Time series
The Index uses data going back to
Sample sizes and target populations
The total sample across all three countries is around 424,000 small businesses. The US sample is almost 333,000 small businesses. The Canadian sample is almost 66,000 small businesses. The
External data sources
External data sources used alongside anonymized QuickBooks data include:
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US Bureau of Labor Statistics Business Employment Dynamics (BED) andJob Openings and Labor Turnover Survey (JOLTS) -
US
Bureau of Economic Analysis regions -
Statistics Canada Labour Force Survey and regions -
UK Office of National Statistics job vacancy data
ABOUT PROFESSOR UFUK AKCIGIT
Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the
As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics. His research has been repeatedly published in the top economics journals, cited by numerous policy reports, and the popular media.
The contributions of Akcigit’s research has been recognised by the
ABOUT INTUIT
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
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Intuit Canada:
Nora.Hickey@edelman.com
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