Retail Sector Forecasted to Add Nearly 30,000 Jobs by End of 2014
TriNet's SMBeat November report features the retail sector employment outlook through the holiday shopping season
SAN LEANDRO, Calif. – DECEMBER 15, 2014 – TriNet (NYSE: TNET), a leading cloud-based provider of HR services, today announced the findings of the November 2014 issue of its TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. November’s report features an in-depth look at the retail sector. Based on an analysis of various job market indicators, the November report forecasts that the U.S. retail sector will add nearly 30,000 jobs through the end of December as the country heads into a strong holiday shopping season.
According to the report, recent job growth in the U.S. retail sector is built on positive consumer confidence, increasing retail spending, and positive job market outlook. Though consumer confidence has been unstable much of the year, the report’s findings show that improvements over the past few months, due to favorable job market and business conditions, will give way to increased spending power among holiday shoppers. Retail sales, jobs and housing data all point to healthy gains.
Recognizing the need to keep household budgets in line, shoppers will be extremely price sensitive as they have been for quite some time. Even though consumer income and spending have only moderately accelerated this year, there is room for optimism this holiday season. Overall, consumers are in a much better place than they were this time last year. The extra spending power could translate into solid holiday sales growth for retailers.
Below are the key findings of the November 2014 TriNet SMBeat Report. All data related to net job growth and losses is sourced from TriNet's population of more than 10,000 clients and approximately 273,000 worksite employees in the U.S. In addition to the analysis of the retail sector, the report showed that:
- Net job growth for the life sciences sector in November was 1.57%, up from 1.11% in October. This growth is in line with the Bureau of Labor Statistics forecast that science, technology, engineering and mathematics (STEM) jobs are projected to increase by 1 million jobs by 2022.
- In the life sciences sector Los Angeles and Miami also saw positive net job growth of 0.83% and 0.39%, respectively. The Houston area continued its three-month job loss trend this month with net job losses at 2.79%, the biggest drop of 2014.
- The technology sector’s sustained strong performance continued in November with 3.57% net job growth, slightly lower than October’s growth of 3.87%. Atlanta and Boston led in the tech sector with outstanding growth of 5.92% and 5.27% net job growth, respectively.
- In other tech hubs, New York and Silicon Valley performed well in November with 4.08% and 3.72% net job growth, respectively. The Los Angeles area also experienced significant net job growth with 2.73% in November. However, competition for top talent with Silicon Valley has made recruiting more difficult, and as a result Los Angeles-based companies are beginning to offer San Francisco-type perks, such as tech commuter buses, to attract workers. The Denver/Boulder area followed behind the other tech hubs with 1.58% net job growth last month.
- In November, all TriNet industry verticals posted positive net job growth, increasing to 2.19%, a slight improvement over October’s growth of 2.14%
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TriNet is a leading provider of a comprehensive human resources solution for small to medium-sized businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner and allowing them to focus on operating and growing their core businesses. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
Forward Looking Statements
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding future job growth. These statements are not guarantees and are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from forecasted results. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include changes in general economic conditions and the economic conditions affecting specific industries and geographies. In addition, these forward-looking statements do not constitute a forecast or prediction with regard to TriNet's future performance. TriNet's future performance is inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict, including without limitation: market acceptance of HR outsourcing and services; TriNet's ability to grow its sales force; client attrition; TriNet's ability to identify, acquire and integrate acquisition candidates; changes in workers compensation and health insurance claims; and changes in state and federal laws. These and other important risk factors are described more fully in documents filed with the Securities and Exchange Commission (SEC), including TriNet's most recent quarterly report on Form 10-Q filed with the SEC on November 6, 2014 and TriNet's other reports and filings with the SEC, and could cause actual results to vary from expectations. All information provided in this press release is as of the date hereof and TriNet undertakes no duty to update this information except as required by law.
Jock Breitwieser Michelle Sieling
TriNet Horn Group
(510) 875-7250 (415) 905-4013
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