State had fifth worst decline in U.S.
LEXINGTON, Ky. (Nov. 4, 2014) — Kentucky is one of only 10 states that had a decline in small business employment from Sept. 24 to Oct. 23, according to Intuit’s October Small Business Indexes.
While national small business employment increased by 0.07 percent, small business employment in Kentucky decreased by .11 percent, the fifth worst of any state. Kentucky trailed only Idaho (-.6 percent), Michigan (-.4 percent) and Wisconsin and Missouri, which decreased by .13 percent.
The October Indexes also shows:
- Hourly small business employees saw an increase in monthly compensation by 0.08 percent with average monthly pay reaching the equivalent of $2,776, up $2 from September.
- Average monthly hours worked by hourly employees decreased by 0.03 percent in October; this is equivalent to 109.1 hours, down approximately 2 minutes from September’s revised figure.
- Small business revenues overall saw an increase of 0.03 percent in September on a per-business basis. ‘Real estate’ and ‘Construction’ both showed the largest increase of 0.3 percent, while the ‘Health care’ industry saw the largest decrease of 0.07 percent.