Monthly employment growth rates for small businesses with 1-9 employees (seasonally adjusted), showing the monthly change in the number of people employed by businesses of this size. National sample: almost 333,000 small businesses that run payroll with QuickBooks.

Notes: (1) The Index uses QuickBooks anonymized data to create aggregated data outputs which are normalized against official statistics to reflect the general population of small businesses, rather than the QuickBooks customer base. It is not a reflection of Intuit’s business. (2) Shaded area follows official employment statistics closely (in-sample). Area not shaded is the Index's prediction for what official statistics will show when published. (3) Please note that the Index’s predicted total employment levels and predicted growth rates may differ. This is because during the months when official statistics are available, the employment levels are calculated by leveraging predicted growth rates and the latest official statistics (rather than the previous Index predictions).