San Francisco Bay Area Tech Companies Continue Adding Jobs at Faster Pace Than the National Average
Steady Hiring at 3.3 Percent Contributes to Sustained Job Growth in October
SAN LEANDRO, Calif. (November 28, 2012) - TriNet's SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that net TriNet employment levels grew 1.11 percent in October, was more than eight times the national average, and up slightly from September's growth rate of 1.07 percent. Increased hiring of 3.3 percent combined with decreased terminations of 2.2 percent resulted in net improved job growth in September.
On a regional basis, biotech companies in Southern California saw net job decreases of 0.44 percent, finance companies in New York City saw increases of 0.38 percent, and information technology firms in the San Francisco Bay Area saw 1.4 percent increases. The 1.4 percent employment increase in the San Francisco Bay Area surpasses the national growth rate of 1.1 percent.
The U.S. Bureau of Labor Statistics announced the creation of 171,000 new jobs for the U.S. economy in October. Translated to percentage terms, this represented only a 0.13 percent increase over September employment levels. By contrast, TriNet member company employment levels increased 1.11 percent, more than eight times the national average.
Hiring rates at TriNet companies climbed 2.1 percent to 3.30 percent for October. Total terminations climbed 1.4 percent to 2.2 percent, split between 1.05 percent voluntary quits and 1.16 percent involuntary discharges.
The complete SMBeat report is available here.
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 http://www.trinet.com/smbeat. Technical questions can be submitted via email to firstname.lastname@example.org.
TriNet is a trusted strategic HR partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet's solutions help contain costs, minimize employer-related risks, and relieve administrative burden to keep an entrepreneur's focus on their core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's professional employer organization (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 http://www.trinet.com.
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