Rate of Wage Growth Likely to Turn Around, BNA Index Predicts

/PRNewswire/ -- The pace of wage growth in the private sector likely will pick up in the coming months from recent historic lows, according to the preliminary third quarter Wage Trend Indicator(TM) (WTI) released today by BNA, a leading publisher of specialized news and information.

The WTI rose to 96.97 (second quarter 1976 = 100) from 96.85 in the second quarter. If confirmed by the revised and final readings, it would be the index's first gain in more than two years, ending nine straight quarterly declines, dating back to early 2008.

"The increase in the latest WTI is pointing to an improvement in labor market conditions -- albeit a small one," economist Kathryn Kobe, a consultant who maintains and helped develop BNA's WTI database, said. "The rate of wage increases should show a turnaround in the coming months, but I think it's going to be a slow change in that direction," Kobe said.

Year-over-year wage and salary increases for private sector employees in the coming months are expected to equal or exceed the 1.6 percent recorded over the 12 months ended in June, as measured by the Department of Labor's employment cost index (ECI). During the past year, the rate of annual wage growth has ranged from a record low of 1.4 percent to 1.6 percent.

Reflecting recent labor market conditions, three of the WTI's seven components made positive contributions to the preliminary third quarter reading, while two components were negative and two others were neutral.

Over its history, the WTI has predicted a turning point in wage trends six to nine months before the trends are apparent in the ECI. A sustained decline in the WTI is predictive of a deceleration in the rate of private sector wage increases, while a sustained increase forecasts greater pressure to raise wages.

Contributions of Components

Of the WTI's seven components, the three positive components in the preliminary third quarter reading were job losers as a share of the labor force, from DOL; industrial production, measured by the Federal Reserve Board; and the share of employers planning to hire production and service workers in the coming months, also shown in BNA's quarterly Employment Outlook Survey. The negative contributors were the unemployment rate, reported by DOL, and economic forecasters' expectations for the rate of inflation, compiled by the Federal Reserve Bank of Philadelphia. Two components were neutral: the proportion of employers reporting difficulty in filling professional and technical jobs, tracked by BNA's employment survey, and average hourly earnings of production and nonsupervisory workers, from DOL.

BNA's Wage Trend Indicator(TM) is designed to serve as a yardstick for employers, analysts, and policymakers to identify turning points in private sector wage patterns. It also provides timely information for business and human resource analysts and executives as they plan for year-to-year changes in compensation costs.

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Comverge Selected as One of Georgia's Mid-Market 'Fast Forty' Growth Companies

/PRNewswire-FirstCall/ -- Comverge, Inc. (NASDAQ:COMV) , a leading provider of demand response and energy efficiency announced today that it has been selected as one of Georgia's Mid-Market "Fast Forty" by Georgia Trend Magazine. The elite list of 40 of the fastest growing middle market businesses in Georgia is based on success factors which include a diversified customer base, solid financial position, commitment to quality service, employment growth and strategic acquisitions.

"In today's challenging business climate, we achieved this significant honor through the dedicated work of our Comverge Georgia team serving our electric utility customers", said Comverge's Robert M. Chiste, chairman, president and CEO. "As we continue our rapid growth we are pleased to be recognized for our dedicated hard work and contribution to Georgia's and the Nation's energy efficiency initiatives. With the upcoming administration's emphasis on stimulus in the energy efficiency area we look forward to this continued growth."

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Synovus Named to Georgia Trend’s List of “Georgia’s Top 100 Companies”

(BUSINESS WIRE)--Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company has once again been named to “Georgia’s Top 100 Companies” list by Georgia Trend magazine. Synovus ranks number 19 on the list in the magazine’s August 2008 issue.

“We are honored to be recognized by Georgia Trend along with so many other successful companies throughout the state,” said Synovus Chairman and CEO Richard Anthony.

“Georgia has a wealth of solid, diverse organizations that continue to significantly contribute to its long-term financial stability.”

The annual performance list includes the leading public companies headquartered in the state and ranks them based on revenue as of December 31, 2007. The lists of the top 50 public and top 50 private companies are also available on the magazine’s website at www.georgiatrend.com.

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Legendary Allen’s Reaches 1 Year Anniversary of Grand Re-opening

BUSINESS WIRE --What do Zell Miller, Lewis Grizzard, Michael Stipe, Mike Bobo, the B-52’s, and countless others who have visited Athens, GA all have in common? After Allen’s Hamburgers closed its doors in 2004, Athens lost a 50 year tradition of cold beer, greasy burgers, and live music. Some say that Athens’ robust music scene got its start in the Normaltown district at Allen’s on Prince Ave.

Last summer, two University of Georgia alumni, along with the help of the last Allen’s owner and the blessing of the old Allen’s proprietor/owner’s family, re-opened Allen’s in a new location at 810 Hawthorne Ave. Allen’s is featured in the July issue of Georgia Trend Magazine: http://www.georgiatrend.com/features-business-industry/07_08_allens. shtml (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) and had a successful first year since the grand re-opening in terms of business and philanthropy helping support the following non-profit organizations with gifts totaling over $15,000:

• Athens YMCA
• Athens Habitat for Humanity
• Athens Regional Hospital Foundation
• Children’s Healthcare of Atlanta
• Athens Clarke County Leisure Services (July 4 fireworks show at Bishop Park)

“The re-opening of Allen’s is proving that a successful local business can compete effectively against national organizations and still give something back to the community,” says co-owner Mark Hammond.

Co-owner Hilt Moree adds that: “We have been humbled and overwhelmed by Athens support of the new Allen’s and have big plans for the coming year for local non-profit organizations.”

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