Bottom Falls Out of IT Job Market
September's IT jobs number was adjusted down from a gain of 2,500 jobs to a loss of 3,600 jobs. At the same time the number of jobs they reported as gained in October was only 5,200
Bottom Falls Out of IT Job Market - The latest BLS data paints a grim picture of the IT job market. In the last 12 months only 77,600 jobs have been added. The CEO of Janco Associates, Mr. Victor Janulaitis said, "Based recent interviews of 84 CIOs in the last two weeks, we see that CIOs have become more cautious. A number of factors are driving this in addition to the current state of the recovery. They are the January 1 sequester spending cuts, issues associated with the new Health Care law, and the uncertainty caused by both of these 'uncontrollable' events. " Janulaitis added, "Over two thirds of the CIOs interviewed say 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 larger budgets and staff to deal with this but are reluctant to hire new employees. "
Updated with the latest IT Job Market statistics
Historic IT Job Market Growth Stops in CY 2023
For current analysis of this data, go IT Job Market Size to see the historic job market growth trend data
Data as of February 2024
The CEO then said, "Organizations typically do not hire between Thanksgiving and New Years. That being the case it does not seem to be a good time to be looking for a job in the IT Market. "
In the last three (3) month the IT Job market shrank by 24,600 jobs. 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.
Layoffs abound and there no longer is robust hiring trend for IT Professionals - the economy 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!
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 - layoffs have impact on number of unfilled jobs available for IT Professionals.
The three month moving average points to a worsening of the hiring environment. From a review of the latest BLS data, Janco has found that there was a net increase of only 1,600 jobs in the last two month -- September and October.
The labor market participation rate fell to a new 30 year low of 62.8%. There are 3,200,000 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
101.1 million people in the U.S. are not counted in the labor force - see reasons why not working.
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.