Engineering employees' confidence slipped to 54.4 in the third quarter for a drop of 4.6 points from the second quarter, marking the second consecutive decline in 2012, according to the Randstad Engineering Employee Confidence Index.
While the report finds respondents are unsure about the economy and job availability, their feelings regarding their own job security holds strong.
"Despite the relative positive outlook for the engineering field, it appears professionals in this industry may have been impacted by negative news surrounding the employment situation and economic conditions abroad, especially in Europe," says Richard Zambacca, president of Randstad Engineering. "This diminished optimism is reflected in this quarter's findings, specifically the fact that half of the engineers' surveyed feel there are fewer jobs available and indicate they are not likely to look for a new job in the next 12 months. However, it is important to note that more workers feel secure in their positions than in the second quarter.
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"Despite this drop in confidence, the sector is poised for growth and projected to hire at rates faster than many other industries. Contributing to the high demand for these skills is a lack of experienced, licensed engineers in the market. In fact, the National Society of Professional Engineers states that only about 20 percent of those who graduate with a B.S. in engineering in the U.S. go on to become licensed professional engineers. As more funding becomes available and construction budgets open up, the job market for highly-skilled engineers will become even more competitive."
Twenty-nine percent of respondents say the economy is strengthening, down from 38 percent in the second quarter, and 48 percent of respondents say the economy weakening, up from 38 percent in the second quarter. According to 27 percent of respondents, more jobs are open; however, half of respondents say fewer jobs are available, up from 44 percent in the second quarter.
Still, 53 percent of respondents report feeling confident that they could find new jobs, though this is a decline from 58 percent in the second quarter. Another 64 percent of respondents say they believe losing their jobs in the next year is unlikely, a jump from 68 percent in the second quarter. Just 32 percent of respondents say they expect to look for a new employment over the next year, representing a drop of 13 percentage points from the second quarter.
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