San Francisco Bay Area Tech Companies Still Adding Jobs Despite Slow Down in Finance Hiring in New York City, Uncertain Impact of Hurricane Sandy

On a regional basis, in November, employment levels at information technology firms in the San Francisco Bay Area increased 0.77 percent, while finance companies in New York City decreased 1.39 percent. The average salary of an Information Technology position in the San Francisco Bay Area was $158,939. The average salary of a Banking or Finance position in New York City was $123,153.

The U.S. Bureau of Labor Statistics announced the creation of 146,000 new jobs for the US economy in November. Several economists believe these numbers will be adjusted down in the coming months as the impact of Hurricane Sandy is fully ascertained.¹ Translated to percentage terms, this represented a 0.11 percent increase over October employment levels. By contrast, TriNet member company employment levels increased 0.34 percent, only three-fold that of the national average.

Hiring rates at TriNet companies declined to 2.74 percent for November. Total terminations declined slightly to 2.4 percent, split between 1.22 percent voluntary quits and 1.11 percent involuntary discharges, resulting in net declined job growth in November.

The complete December SMBeat report is available here.

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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 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 https://www.trinet.com.