IT job market monthly growth increases slightly -- from 10,500 jobs (adjusted) in June to 11,200 jobs added in July -– 89,600 IT jobs added in the last 12 months…
IT Job Market News - CIO confidence mixed - The latest BLS data shows a slight increase in the number of new IT Jobs - 11,100 jobs added in July. The CEO of Janco Associates, Mr. Victor Janulaitis said, "Based on our interviews with over 120 CIOs in the last 30 days, we concluded that CIOs are not in a great hurry to hire new staff 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 addition Janulaitis says, "Over two thirds of the CIOs interviewed feel that the network infrastructure, which many have not been able to update because of budget limitations, they have in place is making it more difficult to implement new technologies without significantly increase costs. " He added, "…they all need more budgetary expansion and staffing to deal with this. "
Growth of IT Job Market (updated)
The number of IT jobs not filled now is just over 100K. Janco's initial forecast for the number of new IT jobs to be added in 2023 is between 20K-30K. Overall that is a flattening of the long term growth rate pattern of IT job market.
Data complied and forecast updated by Janco Associates with data as of September 2023
In the last three (3) month the IT Job market grown by 21,500. 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.
The three month moving average points to an improved job market. Janco has found that there was a net increase of 11,100 jobs in July. There was an improvement in computer systems design and related services of 4,300 jobs (versus 7,900 in May); data processing and hosting related services 3,600 jobs added (versus 2,500 jobs in June); Telecommunications gained 3,500 jobs (and 500 in May); and other information services lost 300 jobs (versus 400 IT jobs lost in June).
The labor market participation rate rose fell .1% to 63.4%. There are 3,000,000 fewer individuals working than in 2007. The CEO said, "The over-all labor participation rate continues to be lower this year than and other prior year. This alone will make it a very difficult process and does not bode well for IT expansion and hiring.
Labor Participation Rate in the low 60's
Inflation is pushing more people back into the active labor market
99.2 million people in the U.S. are not counted in the labor force - see reasons why not working.
The labor market participation rate rose slightly to 63.5%. There are 3,000,000 fewer individuals working than in 2007.
Analysis of BLS data by Janco Associates data is as of September 2023
99.2 million individuals do not want a job now
The Labor Force Participation Rate remains below the level prior to Covid-19 Pandemic. The forced shut-downs many have altered the US labor market participation permanently. It make take another 12 to 18 months to get back to those wanting to work get back to pre-pandemic levels.
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.
Current US unemployment rate. The IT Unemployment rate in the month of August exeeded the US national unemployment rate - That is a bad omen for the IT Job Market in general. This impact can be seen in both the computer hardware and software markets in falling sales. Read on...