- Prior was -20
- Composite index 0 vs -11 prior
Specials question in the survey asked about wages and pricing. Both showed dwindling inflation.
Comments in the survey:
“Obviously at a macro level inflation is way down, but in our little corner of the world it is still a huge threat. Lots of volatility and uncertainty. Some items way down, other items way up. Commodities in general are just not as predictable as they used to be.”
“Our hourly billing rates are still below what most industries charge. With demand continuing to increase and outpacing labor supply, we will continue to increase our rates.”
“Companies are literally buying jobs just to keep crews busy cause there are so many gaps in the backlog, but you don't dare pare down or lay off on your skilled labor cause you won't ever get them back.” “American manufacturers are being forced into a much more difficult position competitively with huge labor cost increases against foreign competitors.”
“We are seeing some abatement with wages, however our medical premiums are increasing for next renewal cycle in September. The quality of available workforce is still a challenge.”
“We are seeing some softening in the market.”
“The tooling industry faces significant challenges due to low-cost imports from China and India. We are going to struggle to keep highly trained staff due to pressure on wages caused by reduced margins necessary to stay competitive with those who are paying much less for similar skill set.”
