NATIONAL EMPLOYMENT REPORT -
This month the TriNet SMBeat employment index is at 463, up 2.2% from last month.
GEOGRAPHIC TRENDS - Massachusetts improved the most compared to other selected states across the TriNet population with an employment index of 699 in January. Across selected metro areas in the TriNet population, the Los Angeles, CA area had the best month-over-month change at 3.8%.
INDUSTRY TRENDS - The construction sector enjoyed the highest month-over-month gain at 3.4%, moving the employment index value to 120 in January.
This month, we delve into retirement savings behavior across the workforce. There are many factors contributing to employer-sponsored retirement savings plan participation rates. Most noteworthy in this data are substantial changes to millennials’ retirement savings activity over the past few years. We further examine the retirement savings trends by age, marital status and company matching opportunities across the TriNet population.
This month the TriNet SMBeat employment index increased 2.2%, moving from 453 to 463. Additionally, the index is up 25.5% compared to the same time last year. The hiring rate index is the same as last month with a value of 79.
The termination rate index decreased in January, moving from 65 to 64. Similarly, voluntary terminations decreased this month with the index moving from 109 to 105, a 3.7% change. The involuntary termination index is down this month, moving from 40 to 38—a 5% change.
Industry gains were mixed in January. The construction sector enjoyed the highest month-over-month gain this month at 3.4%, bringing the employment index value to 120 in January. The transportation and warehousing and information sectors also performed well this month increasing by 3.4% and 2.7%, moving the indices to 210 and 2937, respectively. The chart below details the 10-year trend in industry employment levels.
Massachusetts had good gains in January with a month-over-month increase of 3.6%, moving the index value to 699. The Los Angeles, CA metro area had a month-over-month gain of 3.8%, moving the index value to 1826. Oklahoma had no change this month, with an index value of 64. The Charlotte, NC metro area decreased this month, with an index value of 175.
Industry NAICS Codes
|Prof. & Business Svcs.||54-56|
|Edu. & Health Svcs.||61-62|
|Leisure & Hospitality||71-72|
SMBeat provides a detailed analysis of trends in key human capital economic indicators for small and midsize businesses. TriNet generates employment payroll and other information by tracking real-time movements within its base of more than 12,000 clients with 314,000+ worksite employees (as of 9/30/15). The use of “TriNet population” or “TriNet clients” throughout this document refers to a filtered subset of full-time, salaried TriNet clients’ employees (or worksite employees). All reported statistics are also seasonally adjusted using the U.S. Census Bureau X12-ARIMA methodology unless otherwise indicated. All reported months follow the Bureau of Labor Statistics U.S. jobs report timeline covering the 13th of the previous month to the 12th of the current month. All indexed values are set to 100 for January 2005. SMBeat aggregates and reports data from TriNet clients reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations) and also provides ongoing analysis of contributing factors to these trends, including regional, industry and seasonal variables. Forward-looking estimates or projections in SMBeat publications are based on data available at the time of publication and TriNet undertakes no obligation to update such data in any future publication based on new information or other factors that may affect actual results. However, slight adjustments will be made to historical figures in time series charts presented in future publications if and when updated employment information about actual prior periods is obtained. All text and figures in the SMBeat are created by internal analysis of TriNet data unless otherwise noted. All sentences in a footnoted paragraph originate from the footnoted sentence source. SMBeat follows the Chicago Manual of Style for footnotes. Any significant changes in previous editions of SMBeat will be called out in this section or in footnotes.