Technology Wages Flat in First Quarter
PHILADELPHIA, May 19, 2004 – Consistent with trends from recent years, wages for technology workers were relatively flat in the first quarter of 2004, compared to the same period in 2003, according to the Yoh Index of Technology Wages.
The first quarter survey signified that while pay rates increased slightly in January and February, wages were even in March.
"We appear to be in a cycle where wages are level for the first few months and then increase as the year continues," said William C. Yoh, President & CEO of Yoh Company, a Day & Zimmermann company. "If recent history is any indication, we should begin to see an uptick in the next few quarters, especially given the recent increases in employment rolls."
Wage rates in the Northeast (4% increase) continued to expand for the third consecutive quarter, while the South Atlantic region (Carolinas and Georgia) also experienced strong expansion with a 2.3% increase. Wages in the Midwest section of the country dropped 1%.
"We see several positive signs for increased technology wages and opportunities in the next few quarters," according to Jim Lanzalotto, Vice President of Strategy & Marketing for Yoh. "We agree with the Federal Reserve chairman that hiring has picked up, inflation has been contained and GDP is strong. We continue to remain bullish about the technology labor market, especially given the results from the government's March Job Openings and Labor Turnover Survey."
According to the Department of Labor, job openings rose 5.7% to 3.072 million from 2.906 million in February as gains in construction, manufacturing, trade, transportation and utilities, professional and business services and education outpaced declines in the leisure and hospitality and government sectors.
About Yoh Index of Technology Wages
The Yoh Index of Technology Wages is based on a quarterly sample of the temporary technology labor pool being utilized by more than 1,000 businesses in the aviation, engineering, IT, manufacturing, scientific, telecommunications and utility communities. This quarterly sample encompassed more than 5,000 technology workers. The Yoh Index of Technology Wages provides a unique barometer of the changes in employer demand and supply of technology talent nationwide. For more information please visit yoh.com/yohindex.
Intended for reference only. Yoh does not make any warranty, expressed or implied, or assume any legal liability or responsibility for the completeness, usefulness, accuracy or quality of the information provided. While reasonable efforts have been made to ensure the accuracy of the information provided, the information is subject to change without notice and cannot be guaranteed to be current.
