CIO confidence upbeat but mixed
IT job market monthly growth increases from 9,800 jobs in January to 9,900 in June - 88,900 IT jobs added in the last 12 months…
CIO confidence upbeat but mixed - The latest BLS data shows an increase in the rate of job creation for IT jobs; however, Janco's Mid-Year IT salary survey shows that IT salaries remain flat. The CEO of Janco Associates, Mr. Victor Janulaitis said, "Based on our interviews with over 96 CIOs in the last 30 days, we concluded that CIOs are not in a great hurry to hire new staff except to meet short term needs until they see a clear trend as to what is happening with the economy. 67% of the CIOs we interviewed do not see any real push to expand staffing over the next 12 months. "
In the last three (3) month the IT Job market grew by 4,300. This chart is not the originally published one, rather it is updated with the current data based on the analysis by Janco Associates, Inc. For the latest IT Employment Data click here.
NOTE: The graphic below is updated with each new IT Salary Survey. The chart compares the data from the period of the survey to prior period.
Latest Median IT Salaries
For the latest data go to the current IT Salary Survey
On the positive side, there was a net increase of 9,900 IT jobs in June which brings the rate of increase back to where it was in January of this year. There was an improvement in computer systems design and related services of 7,300 jobs (versus 6,100 in May ); data processing and hosting related services 1,800 jobs added (versus 200 jobs in May); Telecommunications gained 700 jobs (and 700 in May); and other information services gained 100 jobs (versus 1,400 in May). The three month moving average points to an improved job market. The labor market participation rate rose slightly to 63.5%. There are 3,000,000 fewer individuals working than in 2007.
Labor Participation Rate in the low 60's
Inflation is pushing more people back into the active labor market
99.9 million people in the U.S. are not counted in the labor force - see reasons why not working.
A robust hiring trend for IT Professionals - the recovery is slowing however, there are a number of jobs unfilled by IT Pros. The primary culprit is the lack of qualified individuals to fill the open positions. In our opinion, the IT Job Market is currently at no growth!
Based on BLS data analyzed by Janco in the first 3 quarters of 2022 an average of 200K IT jobs remained unfilled due to a lack of qualified individuals. In 2023 the number of unfilled jobs has fallen to around 100K.
The number of unfilled jobs trend line is down as the economy softens and CIOs and CFOs look to control costs and eliminate requisitions for positions that cannot be filled. There was a major pullback of the number of excess jobs for IT Pros occurred in December - layoffs have impact on number of unfilled jobs available for IT Professionals.
IT Hiring Slows
The latest data for more read on...
Note - data includes the adjustments by the BLS to the initially reported data.
Health Care vs. Financial Services Job Growth
The health care job market continues to be a bright spot on the overall US labor market and is one area where IT Pros can go with the flow and find job opportunities. The implementation of Electronic Patient Records is one of the driving forces in the increased opportunities in this area.