SMBeat Highlights Robust Job Growth in July
Improved Hiring Combined with a Downtick in Terminations Results in a Positive Employment Environment During July
SAN LEANDRO, Calif. (August 30, 2012) – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that net employment levels at TriNet client companies grew 1.5 percent in July, which was nearly 12x above the national average, and up 167 percent from June’s growth figure of 0.87 percent. Improved hiring of 3.6 percent combined with steadying terminations of 2.2 percent resulted in improved job growth in July.
The U.S. Bureau of Labor Statistics announced the creation of 163,000 new jobs for the US economy in July. Translated to percentage terms, this represented only a 0.12 percent increase over June employment levels. By contrast, TriNet member company employment levels increased 1.46 percent, which is more than eleven-fold that of the national average.
Hiring rates at TriNet companies jumped 10.3 percent up to 3.39 percent for June. Total terminations increased 6.4 percent to 2.52 percent, split between 1.39 percent voluntary quits and 1.09 percent involuntary discharges. The increase in voluntary quits signals a positive churn in the workforce.
The complete 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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