Small business revenues are gradually recovering from recessionary depths, but are just now reaching levels seen before the recession began in 2007.
The same survey also indicates employment is up as well but will need two more years to reach pre-recession levels.
The revenue figures were shown in the first-of-its kind Intuit Small Business Revenue Index.
The newly-launched Revenue Index is based on anonymized aggregated data from QuickBooks Online, and is the first in the market to provide current information on monthly small business revenue.
The May Indexes also show:
- Small businesses in the professional, scientific and technology fields fared the best through the downturn and despite a big decline starting in late 2008, now have revenues that exceed pre-recessionary levels.
Meanwhile, revenues for the real estate and construction industries began falling in 2007 and have seen little recovery. The health care and social assistance sector shows a mild decline in revenues over the past year.
- Compensation decreased 0.13 percent in May and now is $2,688 per month, compared to the revised April figure of $2,692 per month.
- Monthly hours worked decreased 0.6 percent in May, at 106.4 hours.
The Small Business Employment Index shows that employment expanded slowly growing by 0.2 percent in May, for an annualized rate of 2.5 percent. The index is based on data from Intuit Online Payroll and covers the period from January 2007 through May 23, 2012.
“The employment and revenue indexes tell a consistent story,” said Susan Woodward, the economist who worked with Intuit to create the Intuit Small Business Indexes. “Both indicate there is a recovery underway. We need growth at this level for two more years for small business employment to return to the level we saw in early 2007.”
Details at Small Business Employment and Revenue Indexes.