Total monthly employment for small businesses with 1-9 employees (seasonally adjusted), showing 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) The Index is recalibrated every quarter with the latest data released by the U.S. Bureau of Labor Statistics. This may result in higher/lower baseline employment levels which are used by the Index's predicted employment growth rates when calculating predicted employment levels. As a result, in those calibration months, predicted growth rates may differ from what is reflected in the employment levels on this chart.