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SAN LEANDRO, Calif. (June 26, 2012) – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that Georgia has shown the strongest employment growth in the United States in May with a job creation rate of 1.7 percent. At the other end of the spectrum, Florida is trailing the pack in terms of employment growth with job losses of 0.5 percent during May.
The U.S. Bureau of Labor Statistics announced the creation of 69,000 new jobs for the U.S. economy in May, which was well below expectations. Translated to percentage terms, this represented only a 0.05 percent increase over April employment levels. By contrast, TriNet member company employment levels increased 0.80 percent, over fifteen-fold that of the national average.
In May, hiring rates at TriNet companies dropped 12.6 percent down to 3.06 percent. Total terminations increased 9.1 percent to 2.26 percent (split between 1.25 percent voluntary quits and 1.01 percent involuntary discharges).
The only TriNet industry sector adding jobs at a rate above the TriNet average was Information Technology (+1.3 percent).
The complete report is available here.
About SMBeat
SMBeat provides a detailed analysis and a predictive forecast for trends in key human capital economic indicators for small businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months begin 7 days prior to the beginning of the current calendar month and end 7 days prior to the beginning of the next calendar month. TriNet generates payroll information by tracking real-time movements within its base of approximately 5,000 entrepreneurial businesses whose employees earn approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services. SMBeat aggregates and reports data 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. Additional details can be found on the company’s SMBeat web page. Technical questions can be submitted via email to smbeat@trinet.com.
About TriNet
TriNet is the cloud-based HR partner for small businesses and startups. TriNet’s solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur’s focus on core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's PEO expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit https://www.trinet.com.
Contact: Matthew Meigs, 510-875-7320, matt.meigs@trinet.com