IQNavigator Inc. has launched IQNdex, a new information resource that features data, insights and analysis about rates for temporary labor—information not available from any other source. IQNdex measures the magnitude and direction of change in temporary labor bill rates by skillset and geography that reflect the rapidly shifting relationship between demand and supply of non-employee workers.
Visit IQNtelligence.com for more details, including data sheets and white papers.
What is IQNavigator’s IQNdex?
The IQNavigator IQNdex measures the magnitude and direction of change in temporary labor bill rates compared to a baseline of January 2008. The IQNdex provides detail corresponding to U.S. Census regions and encompasses four job sectors:
- Light Industrial
- Office Clerical
- Professional – Managerial
- Technical – IT
The IQNdex shows an inverse relationship between the national unemployment rate and temporary bill rates, with continued improvement in national unemployment figures as the economy expands creating upward pressure on the cost of temporary labor.
As US unemployment rates have continued to decline since December 2010, and temporary worker hiring has continued to increase, temporary bill rates stopped declining in December 2010 and have shown marked increases each month in the first quarter of 2011.
This indicates that the law of supply and demand impacts temporary worker rates, with unemployed workers acting as a source of supply for temporary labor demand.
In relation to Employment Rates…
Temporary Worker bill rates move much more quickly and dramatically with changes in supply and demand than permanent employee wages, and are therefore a more accurate indicator of current market conditions.
Despite the recession, employee wages have continued to rise steadily over the past 36 months according to the Bureau of Labor Statistics, while the IQNdex shows that bill rates for temporary labor workers declined in response to the economic downturn and remained below 2008 levels as recently as November 2010.
Findings Vary by Region…
Regional location greatly impacted the bill rate changes for temporary workers over the last several years. The Northeast and West consistently maintained bill rates higher than January 2008, while the South has almost recovered to January 2008 levels, and the Midwest has suffered significantly more bill rate declines than other regions.
And by Job Sector…
Detailed analysis indicates the broader skill sets in each job sector consistently stayed firm while the narrower skill sets (ie entry-level or single function roles) felt the most pressure and downward impact on bill rates.
Visit IQNtelligence.com for more details, including data sheets and white papers.
