Press release
New Intuit QuickBooks Small Business Index Annual Report: Canadian Small Business Credit Card Spending up 18% Amidst Inflation and Funding Challenges
First Annual Report provides insights and analysis of the current state of small business in Canada, the US, and the UK TORONTO--(BUSINESS WIRE)-- Intuit
About this update from Intuit Inc.
[{"type":"text","content":"\nFirst Annual Report provides insights and analysis of the current state of small business in Canada, the US, and the UK\n\n\n TORONTO--(BUSINESS WIRE)--\nIntuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses' ability to create jobs and get the funding they need to grow.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231005106131/en/Average monthly credit card expenditure (in US dollars) by small business in the US, Canada, and the UK. (Graphic: Business Wire)\nTHE STATE OF SMALL BUSINESS\n\n\nThe report finds that in 2023, while overall employment levels have trended upward in Canada, the US, and UK, small business employment has been less resilient. Using anonymized data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in Canada, the US and the UK, the report looks at how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. Key findings include:\n\n\n\nWith elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average.\n\n\n\nThese pressures are affecting jobs: small business employment rates declined in seven of the first eight months of 2023 in Canada, and in the first five months of 2023 in the US. Similarly, in the UK, small business job vacancy growth rates declined in all of the first eight months of 2023.\n\n\n\nThe rise of the solopreneur (non-employer businesses) shows entrepreneurship is stronger than ever; however, in Canada and the US, fewer new businesses are creating jobs, a concerning trend because in the US, more than a third of all jobs are with small businesses while ...