IT Job Market Growth Anemic
IT job market growth is only 400 job in November, 4,300 in the last 3 months and 70,700 jobs in the last 12 months. . .
IT Job Market Growth Anemic - >The latest BLS unemployment rate has gone down, but the data paints a grim picture for the IT job market. Only 400 IT jobs were added in November and in the last 12 months only 70,700 jobs were created. The CEO of Janco Associates, Mr. Victor Janulaitis said, "The employment data is not as good as the fall in the national unemployment rate suggests and it seems to be worse for IT Pros. If you factor in the participation rate, the true national unemployment rate would be around 11.8%. Janulaitis added, "That data is causing many companies to consider wither they should expand IT staffs. Based recent interviews of 104 CIOs in the last two weeks, we see that CIOs have become more cautious as have their companies. Janulaitis said, "Add to the employment data the upcoming January 1st sequester cuts and the uncertainties caused by the status of the recovery it is easy to understand the reasons why prospects for an improved job market are not great. "
Historic IT Job Market Size
This is not the original data that was published.
It has been updated with data complied by Janco Associates with data as of November 2022.
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.
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.
Based on BLS data analyzed by Janco over the last 12 months over 200,000 IT jobs remained unfilled due to a lack of qualified individuals. However 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.
The three month moving average shows a continuing downtrend in the number of jobs added. From a review of the latest BLS data, Janco has found that there was a net increase of only 4,300 jobs in the last three months.
The labor market participation rate rose slightly but still is at a 30 year low of 63%. 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
Over 99.2 plus million people in the U.S. are not counted in the labor force - see reasons why not working.
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.