There may have been 55,000 jobs created by small businesses in November, but Reuters reports that those jobs came with lower pay and less hours showing that the job market is slowly picking up but still a bit weak.
Payrolls processing company Intuit received responses to their survey from 71,000 small businesses-meaning they have fewer than 20 employees- that covered the period of October 24 to November 23. The results showed that the average work week of these workers fell 0.3 percent to 24.9 hours and the average monthly salary also fell 0.18 percent to $2,637. The results show that overall, compensation is down, workers are getting less hours and there are fewer employees that are working full time.
Though the results may be a bit grim, in terms of the situation they aren’t that bad. “Overall, this data is the best we could hope for given the uncertainty of the situation in Europe,” said Susan Woodward, the economist who helped to develop the survey. The official government’s jobs report will be released today and nonfarm payrolls are expected to have increased 122,000, according to a Reuters survey.