San Francisco Bay Area Tech Companies Still Adding Jobs Despite Slow Down in Finance Hiring in New York City, Uncertain Impact of Hurricane Sandy
Posted on December 20, 2012 at 09:00 AM EST
TriNet Member Companies' Creating Jobs at Three Times National Average
SAN LEANDRO, CA -- (Marketwire) -- 12/20/12 -- TriNet's SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that net TriNet employment levels grew 0.34 percent in November, or just over three times the national average, and down slightly from October's growth rate of 1.14 percent.
On a regional basis, in November, employment levels at information technology firms in the San Francisco Bay Area increased 0.77 percent, while finance companies in New York City decreased 1.39 percent. The average salary of an Information Technology position in the San Francisco Bay Area was $158,939. The average salary of a Banking or Finance position in New York City was $123,153.
The U.S. Bureau of Labor Statistics announced the creation of 146,000 new jobs for the US economy in November. Several economists believe these numbers will be adjusted down in the coming months as the impact of Hurricane Sandy is fully ascertained.(1) Translated to percentage terms, this represented a 0.11 percent increase over October employment levels. By contrast, TriNet member company employment levels increased 0.34 percent, only three-fold that of the national average.
Hiring rates at TriNet companies declined to 2.74 percent for November. Total terminations declined slightly to 2.4 percent, split between 1.22 percent voluntary quits and 1.11 percent involuntary discharges, resulting in net declined job growth in November.
The complete December SMBeat report is available here.
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