You're correct. Source: http://www.epi.org/publication/pm195-stem-labor-shortages-mi...
My observation has been that while average compensation isn't trending upward that much, variance is increasing a lot. I've seen market research which bears this out. Especially among top candidates straight out of school, salaries have gone up a lot in the last few years.
From where I am standing engineering salaries have stagnated for the last 5 years, possibly even 10.