![]() ![]() Employment growth formulaĮmployment growth(t) = / *Employment levels The Index’s data insights are seasonally adjusted to limit the effect of seasonal patterns in employment and hiring throughout the year, which lead to regular fluctuations in workforce growth and contraction. Rates have been rounded to the nearest hundredth. Monthly changes and growth rates are calculated before total employment or job vacancy values are rounded. Total and monthly changes in employment and job vacancies have been rounded to the nearest hundred. Read more or download the full methodology. Statistical adjustment ensures the Index truly reflects employment and job vacancy changes rather than trends in the QuickBooks customer base. The Intuit QuickBooks Small Business Index creates aggregated data outputs from a sample of anonymised QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modelled results which better reflect the general population of small businesses in each country, as represented by published official statistics. The Index was developed in collaboration with leading economist Professor Ufuk Akcigit and an international team of researchers and academics. The Index uses purpose-built economic models to normalise anonymised QuickBooks data to reflect the general population of small businesses in each country it is not a reflection of Intuit’s business. The Index launched in March 2023 and is updated monthly. The Intuit QuickBooks Small Business Index is a timely new measure of small business employment and hiring in the UK, the US and Canada. Media contact details for QuickBooks in the UK can be found here on the QuickBooks UK website. Get all the details from the interactive Small Business Index dashboard. By keeping a watchful eye on their health, we can gain a deeper understanding of the prevailing economic climate and anticipate future developments with greater accuracy.” This is why it is important to closely monitor the economic well-being of these businesses with the Intuit QuickBooks Small Business Index, as doing so not only provides timely insights into the current state of the economy but also serves as an early indicator of what may lie ahead. “Small and young businesses are crucial for the future of the UK economy, yet they also are extremely vulnerable to macroeconomic conditions. These findings illustrate the complex dynamics within the UK small business job market, with some regions and sectors being impacted more than others. In contrast, the "Arts, entertainment, and recreation" sector saw the highest increase in job vacancy creation, with a rise of 2.63%. The "Transport and storage" sector in the UK recorded the largest decline in job vacancy numbers, experiencing a decrease of -6.19%. “A similar pattern emerges when considering different sectors. Conversely, Scotland stands out as the only nation to witness a modest increase in job vacancy numbers, with a rise of 1.01%. Across the UK, England experienced the most significant decline, with a decrease of -3.12%. “The changes in job vacancy numbers have exhibited regional heterogeneity. According to the Index, there was a decline in vacancy numbers last month, with a further decrease of -2.90% recorded this month. ![]() ![]() This Index specifically tracks the job vacancy numbers of small businesses employing at most nine workers. “These prevailing trends are evident in the job vacancy numbers of small businesses in the UK, as reflected in the Intuit QuickBooks Small Business Index. Notably, when asked about the greatest challenges they are currently confronting, small business owners consistently cite "inflation" as a top concern on their list. This persistent inflationary pressure has led the market to anticipate further interest rate hikes, creating increasingly challenging conditions, particularly for small businesses. Despite the Bank of England (BoE) raising the policy rate more than 10 times over the past 18 months, inflation in the UK remains higher compared to the United States, Canada, and the Eurozone as a whole. Harberger Professor of Economics at the University of Chicago, said: “The UK government is currently facing a growing sense of urgency in their efforts to control inflation. “Persistent inflationary pressure has led the market to anticipate further interest rate hikes, creating increasingly challenging conditions, particularly for small businesses…These prevailing trends are evident in the vacancy numbers of small businesses in the UK.”
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