Cloud-based HR services provider TriNet has announced findings from its SMBeat report, an analysis of small business employment and human capital economic indicators. The report found that at the opening of the 2013 holiday shopping season, job growth had increased 25 percent month-over-month reaching 1.44 percent in the retail and wholesale markets. A year-over-year increase was also measured occurring concurrently with a decrease in terminations.
Key findings from the report, which represents over 220,000 worksite employees and more than 8,000 customers, include:
• Retail and wholesale hiring increased by 27 percent year-over year in November 2013.
• Terminations over-the-year were down by 19 percent in the retail and wholesale markets in November 2013.
• The only state that recorded a net loss in retail and wholesale jobs was California, posting a 1.32 percent drop.
• National net job growth in the technology sector increased over-the month from 1.23 percent in October to 1.93 percent in November.
• The Silicon Valley technology sector closed the gap in job creation between it and other technology hubs in the U.S. with an increase in net job growth of 2.23 percent. Silicon Valley outpaced net job growth in Denver-Boulder (0.55 percent), Atlanta (1.36 percent), and Los Angeles (1.55 percent).
• Silicon Valley was second in net growth only to the New York Metro area, which reached 2.45 percent in November after posting a 0.5 percent increase in October 2013.
Additionally, the TriNet population of over 220,000 employees of small businesses experienced a net job growth of 1.32 percent in November after posting a 0.71 percent growth in October.