IT job market shrinks loss of 3,900 jobs
IT Hiring decays one more time as companies pull back - For the second month in a row there was a net loss in the number of IT jobs!
IT job market shrinks loss of 3,900 jobs - Janco Associates reports that there was a net loss of 3,900 IT jobs in November according to the BLS. That included the telecommunications job market (2,900 jobs lost), other information services (1,500 job lost), data processing and hosting (1,300 jobs lost), and a small increase in computer system design and related services (1,800 jobs added). In October there was a loss of 5,100 jobs.
The CEO of Janco, M.V. Janulaitis said, “Companies are continuing to watch expenses and IT is no exception. In many companies IT is viewed as a cost center with head counts and capital budgets under constant scrutiny. IT jobs are typically not being cut, rather openings are left unfilled. " He added, “Some Chief Information Officers (CIOs) are felling continued pressure to control costs and are looking ahead to 2012 hiring and projects. They are beginning to push those expenses back until the 3rd and even 4th quarters. ”
(note - Charts have been updated with the latest data. If you want to see the original charts please contact support at e-janco.com. Text is the original text. Specify which charts and dates you desire and they are available for free to paid subscribers of the CIO - IT Manager Newsletter)
Updated with the latest IT Job Market statistics
Historic IT Job Market Growth Slows in CY 2024
For current analysis of this data, go IT Job Market Size to see the historic job market growth trend data
Data as of end of the 1st Quarter of 2024
The Labor Department reported the economy added only 120,000 jobs in November versus 103,000 jobs in September and 80,000 in October. This continues to be lower than the 10,000 needed for the US economy to stay even with adult population growth. In addition 315,000 people have dropped out of the labor market and are no longer looking for work.
The IT job market continues to see a slowing in the rate of increase in the number of jobs available, See chart below.
IT Job Market Growth is flat
Updated with the latest data
Overall, GDP and employment are growing more slowly than the adult population, and the private sector is much smaller than before the Great Recession - even with big boosts in federal subsidies for private health care and federal mandates for large health care spending by the states.
Employment grew in the second and third quarters despite very slow GDP growth because labor productivity fell the first half of 2011. Consequently, real wages, per capita income and living standards are dropping - all exacerbated by hungry state and local tax collectors who refuse to tighten belts as quickly as households and businesses.
A downsizing private sector, falling productivity per capita GDP, and a shrinking share of the adult population employed or even seeking employment are ominous signs of economic decline.
IT Job Market Employment Trends
There has been a slight increase in the overall employment of IT professionals. For the last few months the number of individuals employed in IT has increased (seasonally adjusted) 37,300 in the last 12 months a gain of 34,100 jobs in the last 3 months.
IT Job Market Change - March 2024
IT Job Market grew by 2,300 jobs last month - 2,800 YTD
Updated with the data from the BLS and Janco Associates Inc as of March 2024
Analysis shows that IT Job Market has shrunk by 48,600 jobs in 2023. In the first two month of 2024 the IT job market grew by 2,400.
Health Care vs. Financial Services Job Growth
Employment is on the rise in Healthcare IT and spending will reach $40 billion by the end of this year. Much of that growth will come from spending on electronic health record (EHR) systems, mobile health applications and efforts to comply with new government standards. Boosted by increased spending on healthcare software -- which is needed for the rollout of EHR systems -- the U.S. healthcare IT market is expected to grow at a rate of about 24% per year from 2012 to 2014, the study said. Spending on healthcare software rose 20.5% in the past year, from $6.8 billion in 2010 to a projected $8.2 billion this year. Recent mergers and acquisitions in the healthcare IT market also point to growing private-sector interest in software, which will see sales grow at rate of more than 30% annually from 2012 to 2014.
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