Overall employment levels have been fairly stable over the past year for about two-thirds of the manufacturers contacted. The remaining one-third is split equally between large increases and large decreases. Some contacts report limited availability and escalating pay scales for selected categories of professional and technical workers. However, manufacturers do not report widespread difficulties in hiring and they mostly cite overall wage and salary increases in the range of 2 to 4 percent. Temporary Employment Firms Expansion at First District temporary employment firms continues.
Most contacts report double-digit revenue growth.
Wage growth is said to be averaging 10 percent annually, ranging from 5 percent for less-skilled occupations to as much as 20 percent for highly skilled technical workers. Contacts are feeling squeezed as their clients resist price increases. Any growth in profits is attributed to efficiency gains or increased sales volume. Outlooks for the next twelve months are positive, but most respondents expect some softening in the economy. Residential Real Estate Residential real estate in New England continues doing well.