Lower scores on several key questions have pushed the Washington Technology Contractor Confidence Index down slightly in its first follow up since the launch in March with the index number dropping to 97.3.
The Washington Technology Contractor Confidence Index took a slight dip in its first follow up since the launch in March with the index number dropping to 97.3.
With the first survey result we set the index number at 100 as a baseline and now with the second survey we can compare the changes from one set of results to the next.
The decrease in the confidence number was driven by lower scores on several questions.
For example, in the first survey, 62 percent of respondents felt their company would not announce layoffs in the next six months. This time around 56 percent said they didn't expect layoffs.
In the first survey, 52 percent said they expected revenue to grow. In the second survey, it was 49.8 percent. More also expect revenue to shrink: 10.7 percent in first survey, compared to 13.2 percent in the second.
We also saw slightly fewer people say they were not looking for a new job. In the first survey, 58 percent answered No to that question. In the second, 55 percent answered no.
There were some positive results including job satisfaction increasing from 62.4 percent to 65.3 percent. Expectations that hiring will increase also went up, with 50.2 percent saying they expected their company to hire more in the next six months, compared 48.3 percent in the first survey.
But the positives weren't enough to counter balance the negatives and keep the index at 100 or higher.
I think it would be a mistake to draw too strong a conclusion about these results. I don't think we can say that the market's mood is dark, especially when you look at the growth expectations, even if they are down slightly from last quarter.
As we complete more surveys each quarter and then compare the results more closely over time, I think we'll be able to make draw more accurate conclusions.
As always we look forward to your comments.
Do you feel the market is headed in a positive or negative direction?
Do you expect your company's revenue to grow, shrink or stay the same over the next six months?
Do you expect your company's infrastructure investments to increase, decrease or stay the same?
Do you expect your company's hiring to increase or decrease in the next six months?
Do you expect your company to announce layoffs or other cost-cutting strategies in the next six months?
Are you happy/satisfied with your job?
Are you currently looking for a job?
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