Retail sector forecasted to add nearly 30,000 jobs by end of 2014Staff writer ▼ | December 16, 2014
TriNet announced the findings of the November 2014 issue of its TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. November's report features an in-depth look at the retail sector.
Study Positive consumer confidence
According to the report, recent job growth in the U.S. retail sector is built on positive consumer confidence, increasing retail spending, and positive job market outlook.
Though consumer confidence has been unstable much of the year, the report's findings show that improvements over the past few months, due to favorable job market and business conditions, will give way to increased spending power among holiday shoppers. Retail sales, jobs and housing data all point to healthy gains.
Recognizing the need to keep household budgets in line, shoppers will be extremely price sensitive as they have been for quite some time. Even though consumer income and spending have only moderately accelerated this year, there is room for optimism this holiday season.
Overall, consumers are in a much better place than they were this time last year. The extra spending power could translate into solid holiday sales growth for retailers.
All data related to net job growth and losses is sourced from TriNet's population of more than 10,000 clients and approximately 273,000 worksite employees in the U.S.
Net job growth for the life sciences sector in November was 1.57%, up from 1.11% in October. This growth is in line with the Bureau of Labor Statistics forecast that science, technology, engineering and mathematics (STEM) jobs are projected to increase by 1 million jobs by 2022.
In the life sciences sector Los Angeles and Miami also saw positive net job growth of 0.83% and 0.39%, respectively. The Houston area continued its three-month job loss trend this month with net job losses at 2.79%, the biggest drop of 2014.
The technology sector's sustained strong performance continued in November with 3.57% net job growth, slightly lower than October's growth of 3.87%. Atlanta and Boston led in the tech sector with outstanding growth of 5.92% and 5.27% net job growth, respectively.
In other tech hubs, New York and Silicon Valley performed well in November with 4.08% and 3.72% net job growth, respectively. The Los Angeles area also experienced significant net job growth with 2.73% in November.
However, competition for top talent with Silicon Valley has made recruiting more difficult, and as a result Los Angeles-based companies are beginning to offer San Francisco-type perks, such as tech commuter buses, to attract workers. The Denver/Boulder area followed behind the other tech hubs with 1.58% net job growth last month.
In November, all TriNet industry verticals posted positive net job growth, increasing to 2.19%, a slight improvement over October's growth of 2.14% ■