"We are seeing unprecedented wage growth across multiple industries in the United States" said Joseph Musacchio, CEO of PeopleTicker.
PALM BEACH, Fla. (PRWEB) August 30, 2018
PeopleTicker™, the global standard for real-time salary and labor rates, announced today that U.S. wage growth is rising faster than early Q3 reports previously indicated. This announcement coincides with positive job news from ADP, whose July National Employment Report indicated a continuing trend of higher than expected job growth in the private sector, adding 219,000 jobs in July.
"We are seeing unprecedented wage growth across multiple industries in the United States. Job growth continues to trend upwards, while qualified candidates remain in short supply. These two factors are driving wages higher as employers are increasing compensation to meet hiring demands," said Joseph Musacchio, CEO of PeopleTicker.
PeopleTicker's Wage and Salary Index Report for August 2018 provides the following findings: as the US economy continues to grow, Procurement and Supply Chain jobs are in high demand. Companies are increasing spend across multiple categories and hiring more workers to manage the growth. Most college graduates with supply chain degrees are seeing numerous offers for employment. Over the last six months, wages have increased nearly 15% in this space.
The Pharmaceutical industry continues to show wage growth upwards of 12%, particularly in scientific, clinical, and regulatory roles. The number of available contractors in this market are decreasing as companies are offering lucrative opportunities for permanent employment. Healthcare jobs are also on the rise reflective of an aging population, increasing demand for workers, and lack of qualified candidates. Within the Healthcare job market, we are seeing compensation increases of greater than 10%.
Construction jobs are also recognizing pay increases across both skilled and unskilled jobs. Skilled workers are seeing 7-9% wage growth while unskilled workers are seeing 4-5% increases. Many companies have created training programs to develop worker skills to fill these roles due to the shortage of workers. PeopleTicker’s AI-based predictive wage analysis is forecasting sustained wage growth throughout 2018 and into 2019, which is good news for American workers and the US economy.
PeopleTicker gathers both direct and contingent wage information from nearly 2,000 sources tracking compensation data in 160 countries for 300,000 different job roles. Strengthened by over 18 years of wage research, our data management, analytics, and SkillsVillage validation processes are unmatched in the industry. PeopleTicker’s SkillsVillage is a global ecosystem of experts in procurement, human resources, and recruiting that provide crowd-sourced rate validation. To learn how your salaries and contingent rates compare to market, visit our website at PeopleTicker.com.