Job Declines vary by Region and Sector during March, 2024

For the month of March 2024, the small business employment rate in the United States declined by 0.1 percent according to the Intuit QuickBooks Small Business Index. This is based on a national sample size of almost 333,000 small businesses using QuickBooks payroll. 

Regional Employment Changes

Regional analysis shows that only the Far West had a negative change in employment growth rate of - 0.68, representing a -15,000 net change in employment. All other regions were either positive or stagnant for March 2024.   

This chart was prepared by Insightful Accountant from Actual Data published by the Intuit QuickBooks Small Business Index.

Employment Changes by Job Sector

Most job (employment) sectors showed growth for March 2024. Wholesale trade and Construction led the way in such growth. Transportation and Information job sectors suffered the most significant declines.

Information contained herein was derived from the Intuit QuickBooks Small Business Index. The Intuit QuickBooks Small Business Index is a powerful monthly indicator for the health of the small business economy providing up-to-date employment and hiring insights

The Index creates aggregated data outputs from a sample of anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modeled results which better reflect the general population of small businesses in each country, as represented by published official statistics. Statistical adjustment ensures the Index reflects employment and job vacancy changes rather than trends in the QuickBooks customer base.

The Index launched in March 2023 and is updated monthly. The Index was developed by Intuit working in collaboration with leading economist Professor Ufuk Akcigit and an international team of researchers and academics.

Disclosures

Feature content, including graphic materials, were adapted from informational content within the Intuit QuickBooks Small Business Index. The adapted source content by Insightful Accountant is furnished for educational purposes only.

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The Intuit QuickBooks Small Business Index creates aggregated data outputs from a sample of anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modeled results which 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 trends in the QuickBooks customer base.

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