TriNet’s SMBeat Employment Report Indicates Improved Job Growth during September
Southern California Biotech Sector Continues to See Strong Employment Growth, While Other Sectors and Regions Experience Modest Uptick
SAN LEANDRO, Calif. (October 15, 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 1.05 percent in September, which was more than 12x the national average, and more than double the 0.51 percent growth reported in August. Increased hiring of 3.2 percent combined with decreased terminations of 2.15 percent resulted in improved job growth in September.
The U.S. Bureau of Labor Statistics announced the creation of 114,000 new jobs for the US economy in September. Translated to percentage terms, this represented only a 0.085 percent increase over August employment levels. By contrast, TriNet member company employment levels increased 1.05 percent, over twelve-fold that of the national average.
Hiring rates at TriNet companies jumped 6.5 percent to 3.20 percent for September. Total terminations dropped 14 percent to 2.15 percent, split between 1.15 percent voluntary quits and 1.00 percent involuntary discharges.
Hiring Trends in Selected Regions and Vertical Markets
In September, Biotech companies in Southern California see net job increases of 7.1 percent, jobs in finance companies in New York City increase 3.09 percent, and information technology firms in the San Francisco Bay Area experience1.6 percent job growth. Strong net job growth improvements in the Southern California Biotech and New York City financial service firms outpace slower, but improving, growth in San Francisco Bay Area tech companies.
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.
Contact: Matthew Meigs, 510-875-7320, email@example.com
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