NATIONAL EMPLOYMENT REPORT -
This month the TriNet SMBeat employment index is at 182, up 1.1% from last month.
GEOGRAPHIC TRENDS - Pennsylvania tops selected states across the TriNet population with an employment index of 361 in January. Across selected TriNet population metro areas, the San Francisco Bay Area area has the strongest index, at 528.
INDUSTRY TRENDS - The information sector enjoyed the highest month-over-month gain of 2.2% this month, bringing the employment index value to 598 in January.
This month the TriNet SMBeat employment index increased 1.1%, moving from 180 to 182. Similarly, the index is up 12% compared to the same time last year. The hiring rate index is about the same as last month, moving from 69 to 68.
The low termination rate index is nearly unchanged in January, moving from 56 to 54. This is a good sign for the economy as fewer terminations signal more stable jobs and long-term employment for employees. Voluntary terminations are down this month with the index moving from 91 to 89, a 2.2% drop. The involuntary termination index is also down this month, moving from 36 to 34, a 5.6% change.
The increasing employment index and declining involuntary terminations are a good way to bring in the new year. The higher employment index signals more jobs for those seeking, while decreasing layoffs suggest better job security for those currently employed.
Industry gains were mixed in January. The information sector enjoyed the highest month-over-month gain of 2.2%, bringing the employment index value to 598. The retail trade and professional and business services sectors also performed well this month, increasing 1.4% to indices of 150 and 281, respectively. The leisure and hospitality industry saw no change from the previous month, with the index staying at 77. The chart below details the 10-year trend in industry employment levels.
Pennsylvania and New York had very strong gains in January, with index values of 361 and 342, respectively. Oklahoma had the slowest growth rate this month, with an index value of 88. Several metro areas performed very well in January. The San Francisco Bay and the Washington DC areas both had index values over 500, at 528 and 510, respectively. The Oklahoma City area grew at the slowest rate in January, with an index value of 63
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 medium-sized businesses. TriNet generates employment payroll and other information by tracking real-time movements within its base of approximately 272,000 worksite employees from 10,000 clients (as of September 30, 2014). 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 US 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; 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 will be called out in this section or in footnotes.