SMBeat Report Shows Positive Growth Across Several Industries and Significant Regional Increases
OREANDA-NEWS. TriNet (NYSE: TNET), a leading cloud-based provider of HR services, today announced the findings of its May 2016 SMBeat®, an analysis of small and midsize businesses (SMB) employment and human capital economic indicators. May's report features analysis of employment trends, by industry, for the month of April. The report focuses on industry and geographic trends on a national scale, and shows changes in employment stability and growth in major industries.
This month, the SMBeat index increased 1.7%, moving from 534 to 543. Year over year, the TriNet SMBeat employment index is up 27%.
Below are detailed findings of the April 2016 TriNet SMBeat report. All data related to employment growth and losses are sourced from the TriNet population of more than 13,000 clients and over 324,000 worksite employees in the U.S.1
In April, total nonfarm private sector employment across the U.S. increased by 119,000 jobs. The education and health services sector had the biggest gains, adding 46,000 jobs nationwide. Employment in the leisure and hospitality sector also performed well, increasing by 44,000 jobs. Manufacturing incurred the most job losses of any sector, decreasing by 20,000 jobs.2 The table below details the job gains and losses by NAICS industries.
Industry | Increase in Number of Employees |
Education and Health Services, NAICS 61-62 | +46,000 |
Leisure and Hospitality, NAICS 71-72 | +44,000 |
Retail Trade, NAICS 44-45 | +31,000 |
Construction, NAICS 23 | +21,000 |
Professional and Business Services, NAICS 54-56 | +14,000 |
Financial Activities, NAICS 52-53 | +8,000 |
Other Services, NAICS 81-82 | +5,000 |
Industry | Decrease in Number of Employees |
Information, NAICS 51 | -2,000 |
Transportation and Warehousing, NAICS 48-49 | -4,000 |
Agricultural, Mining, and Utilities NAICS 11-22 | -9,000 |
Wholesale Trade, NAICS 42 | -15,000 |
Manufacturing, NAICS 31-33 | -20,000 |
Massachusetts improved most over other states across the TriNet population, seeing a month-over-month index increase of 3.3%. The Los Angeles area had the highest month-over-month change across metro areas in the TriNet population, with an increase of 3%.
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