while the average workweek index was slightly negative. Future indexes weakened significantly. The future general business conditions index plummeted twenty-four points to 8.7, its lowest level since February 2009, and the future new orders and shipments indexes, while positive, fell to near-record lows, exceeded only by their September 2001 readings. The capital expenditures index was also down sharply.
In a series of supplementary questions, respondents were queried about difficulties in finding workers proficient in certain types of skills; they were also asked to estimate training costs to bring new hires up to speed. Manufacturers’ responses to the August survey were not substantially different from those recorded in March 2007, when these questions were last asked. The workers seen as most difficult to find were those with advanced computer skills, followed by those who were punctual and reliable. Training costs to bring a typical new hire up to speed were estimated at 6½ percent of annual compensation, on average. Firms also reported that the wage or salary of a typical worker was expected to rise by about 2½ percent, on average, over the next twelve months.
Read the entire report at http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html
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