Most others report little change in headcount. Manufacturers generally cite average wage and salary increases in the range of 3 to 5 percent. Pay increases are greater for specialized technical and marketing occupations and are being augmented by bonuses and stock options at some companies. Investment projects are related to product introductions and productivity enhancements in addition to capacity expansions. Most of the remaining respondents describe capital spending as flat or normal.
Manufacturers generally appear sanguine about future trends.
No contacts detect signs of a noteworthy deterioration in business over the next six months, and many are upbeat about opportunities to market their products or to control costs. Temporary Employment Firms Temporary employment firms in the First District continue to expand. Most contacts report revenues growing smartly, from the upper single digits to 50 percent annually. Respondents that specialize in technical areas are expanding more quickly than clerical and administrative placement firms. While a shortage of talent exists across all industries, the gap between supply and demand is greatest for computer programmers, software engineers, and information systems developers.