PeopleTicker Wage and Salary Index reports wage gains, largest wage growth in April
PALM BEACH, FLA. (PRWEB) MAY 13, 2019
PeopleTicker™, the global standard for real-time salary and labor rates announced wages in the United States increased for the first quarter of 2019 and into April. This news aligns with PeopleTicker’s December Wage and Salary Index stating the “global workforce will continue to experience wage growth in 2019.”
“The simple law of supply and demand is the reason why salaries and hourly wages are higher,” said Joseph Musacchio, CEO of PeopleTicker. The growth in jobs opportunities is causing a shortage of workers, which naturally increases wages. We expect to see this trend continue throughout 2019.”
The Bureau of Labor Statistics reported “over the year, average hourly earnings have increased by 3.2 percent.” In April, according to the recent BLS Employment Summary, “average hourly earnings for all employees on private payrolls rose by 6 cents to $27.77 while average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $23.31 in April.”
PeopleTicker Labor Index shares a similar view of growth in jobs however, our compensation data indicates wage growth is higher than reported by the BLS when considering the contingent labor market. “The Manufacturing and Technology industries experienced increased wage growth in the first quarter of the year, said Musacchio. “The manufacturing industry has seen more than 5 percent growth in wages while hard-to-find technologies are seeing increases of over 10 percent.”
The United States added 263,000 jobs last month, an increase with an average monthly gain of 213,000 over the prior 12 months according to the BLS. Unemployment declined by 0.2 percent to 3.6 percent, the lowest rate since December 1969. The job creation in April marks the 119th month of straight gains.
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 19 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.