NATIONAL EMPLOYMENT REPORT -
The total nonfarm private sector employment increased by 119,000 jobs in April. The education and health services sector had the biggest gain, increasing by 46,000.
GEOGRAPHIC TRENDS - Massachusetts improved the most compared to other selected states across the TriNet population with an employment index of 2301 in April. Across selected metropolitan areas in the TriNet population, the Los Angeles, California, area had the best month-over-month change at 3%.
SMALL BUSINESS REPORT - This month the TriNet SMBeat employment index is at 543, up 1.7% from last month.
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.
The TriNet National Employment Report indicates that private sector nonfarm employment increased by 119,000 jobs in April. The education and health services sector had the biggest gains, adding 46,000 jobs. Employment in the leisure and hospitality sector also performed well, increasing by 44,000. The retail trade sector also had respectable gains, increasing by 31,000 jobs in April. Manufacturing incurred most of the job losses in April, decreasing by 20,000 jobs.
This month the TriNet SMBeat employment index increased 1.7%, moving from 534 to 543. Additionally, the index is up 27% compared to the same time last year. The hiring rate index decreased this month, moving from 70 to 68.
The termination rate index decreased in April, moving from 58 to 57. Similarly, voluntary terminations decreased this month, with the index moving from 97 to 94, a 3.1% change. The involuntary termination index is down this month, moving from 39 to 38, a 2.6% change.
Massachusetts had respectable gains in April, with a month-over-month increase of 3.3%, moving the index value to 2301. The Los Angeles, California, metropolitan area had a month-over-month gain of 3%, moving the index value to 5607. Oklahoma decreased this month, with an index value of 62. The Oklahoma City, Oklahoma, metropolitan area had no change this month, with an index value of 51.
Industry NAICS Codes
|Prof. & Business Svcs.||54-56|
|Edu. & Health Svcs.||61-62|
|Leisure & Hospitality||71-72|
SMBeat provides a detailed analysis for 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 13,000 clients with 324,000+ worksite employees (as of 3/31/2016). 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). The TriNet National Employment Report measures the monthly changes in total U.S nonfarm private employment derived from actual data of client companies served by TriNet. 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.