Summer hits the high street as jobs and hours increase
Federal Reserve officials chose not to raise interest rates in June to assess the impact of previous hikes and consider the next step. Meanwhile, jobless claims are plummeting nationwide.
Data from Homebase reveals a summer recovery for small businesses, as job activity picks up, wages rise and employees log more regular hours.
In economic conditions where forecasts and expectations can change daily, real-time data on North American business activity shows that warmer weather is attracting shoppers and diners. Homebase seeks to understand how the broader economic environment affects small businesses and their employees at the start of the second quarter by analyzing behavioral data from over two million employees working in more than one hundred thousand SMBs.
Summary of Findings: Job growth on Main Street experiences a seasonal boom with booming outdoor activities as longer days mean more hours for small business employees.
Employment activity is up on Main Street, but lagging historical trends. Employees are working longer shifts to meet demand. Job growth varies from industry to industry. Entertainment saw a massive increase from May to June (22.3%), in line with previous years. Hospitality saw a jump (8.8%) that lagged behind the huge peaks of previous years. The summer weather is in full effect on small businesses. Northern cities are seeing strong job growth with hot days, while June heat waves are hampering job numbers in the south. Wages for hourly workers are on the rise again, driven by service industries, after falling in May.Longer summer days lead to longer shifts in SMEs
Small businesses are seeing a strong recovery in activity, but not quite at the same levels as in previous years. Owners rely on existing employees working harder to keep up with demand.
Employees working
Entertainment is booming for small businesses
As schools closed, families turned to outdoor entertainment to occupy their time. As schools closed, families turned to outdoor entertainment to occupy their time.
Entertainment¹ saw a massive increase from May to June (22.3%), in line with previous years, while hospitality saw an increase (8.8%) that was below the huge peaks from previous years.
Food, restaurants and retail (0.9% and 1.9%, respectively) also saw increases, but showed greater seasonal consistency: Main Street stores and restaurants have been a monthly mainstay.
Percentage change in number of employees working
Federal Reserve officials chose not to raise interest rates in June to assess the impact of previous hikes and consider the next step. Meanwhile, jobless claims are plummeting nationwide.
Data from Homebase reveals a summer recovery for small businesses, as job activity picks up, wages rise and employees log more regular hours.
In economic conditions where forecasts and expectations can change daily, real-time data on North American business activity shows that warmer weather is attracting shoppers and diners. Homebase seeks to understand how the broader economic environment affects small businesses and their employees at the start of the second quarter by analyzing behavioral data from over two million employees working in more than one hundred thousand SMBs.
Summary of Findings: Job growth on Main Street experiences a seasonal boom with booming outdoor activities as longer days mean more hours for small business employees.
Employment activity is up on Main Street, but lagging historical trends. Employees are working longer shifts to meet demand. Job growth varies from industry to industry. Entertainment saw a massive increase from May to June (22.3%), in line with previous years. Hospitality saw a jump (8.8%) that lagged behind the huge peaks of previous years. The summer weather is in full effect on small businesses. Northern cities are seeing strong job growth with hot days, while June heat waves are hampering job numbers in the south. Wages for hourly workers are on the rise again, driven by service industries, after falling in May.Longer summer days lead to longer shifts in SMEs
Small businesses are seeing a strong recovery in activity, but not quite at the same levels as in previous years. Owners rely on existing employees working harder to keep up with demand.
Employees working
Entertainment is booming for small businesses
As schools closed, families turned to outdoor entertainment to occupy their time. As schools closed, families turned to outdoor entertainment to occupy their time.
Entertainment¹ saw a massive increase from May to June (22.3%), in line with previous years, while hospitality saw an increase (8.8%) that was below the huge peaks from previous years.
Food, restaurants and retail (0.9% and 1.9%, respectively) also saw increases, but showed greater seasonal consistency: Main Street stores and restaurants have been a monthly mainstay.
Percentage change in number of employees working
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