Tech Employment Continues to Grow in July Despite Slowdown in Life Sciences
- Life sciences employment drops 1.31% as sequester cuts impact research funding
- Influx of venture capital funding continues to boost Massachusetts tech employment
- Uptick in workers voluntarily leaving jobs for better employment points to increase in job seeker optimism
SAN LEANDRO, Calif. – August 2, 2013 – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports a continued positive hiring trend across the nation, though not as strong as June. July job creation, slowed to 0.37% net growth, in comparison to 1.12% in June.
The slowing hiring trend may be an outcome of the government sequestration and its impact on small businesses. Private contractors in the life science technology sectors are especially feeling the pinch with net job losses at -1.31% in July.
Otherwise, small business job growth continues elsewhere across the United States, with the technology and wholesale/retail trade sectors leading the way with 0.96% and 0.33%net job growth, respectively.
Leading in growth this month, the Boston small business tech sector saw a 2.13% increase in employment in July as job growth was fueled by venture capital spending, which received a bump of $141 million in the second quarter of this year[1].
Overall, the improving job outlook across the United States has encouraged workers to seek out improved employment opportunities and leave their current job. Voluntary churn outpaced involuntary discharges by 0.18%, a positive sign that indicates job seeker optimism.
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About TriNet SMBeat
TriNet 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 run from the 13th of the previous month to the 12th of the current month.[1] TriNet generates payroll information by tracking real-time movements within its base of approximately 7,000 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. TriNet 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 TriNet 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 and payroll processing to high-level human capital consulting, TriNet's Professional Employer Organization (PEO) expertise and best in class systems relieve clients of many of the day to day administrative burdens that distract them from building and growing their businesses. 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.
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[1] The TriNet SMBeat has adjusted the monthly reporting cycle to end on the 12th of the month, to mirror the methodology of the US Bureau of Labor Statistics.
