IT Job Market grows by 21,900 in the last 3 months
IT job market explodes in the last three months and shows signs of continued improvement
IT Job Market grows by 21,900 in the last 3 months - While the overall unemployment rate remained at 6.3%, IT professionals did significantly better by adding 21,900 in the last three months. The CEO of Janco Associates, Mr. Victor Janulaitis said, "The employment data for IT professionals is looking much better this past quarter. Where CIOs were looking to reduce head count earlier this year, they now at least are plan on maintaining existing staff levels and many will add staff in the fall. For the first time in several quarters some new positions have been added. " Janulaitis added, "Based on interviews of 98 CIOs in the last two weeks, we see that CIOs have become more optimistic as they think that perhaps by the 4th quarter of this year that they will expand their staffs. The Janco's CEO added, "Even with that glimmer of hope, IT Pros are continuing to feel the brunt of staffing cuts as the average salaries they command are 'easy targets' for those trying to contain costs. " In Janco January 2014 IT salary survey we found that the average compensation for all IT Professionals is $79,289 without the cost of major benefits like health insurance and company contribution to 401Ks. "
Historic IT Job Market Size - Over 4.19 Million Employed as IT Pros
This is not the original data that was published.
It has been updated with data complied 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.
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.
From a review of the latest BLS data, Janco has found that there was a net increase of 29,100 jobs in the last three months. The three month moving average shows a sharp uptick in the number of jobs added.
The labor market participation rate remains at a 30 year low of 62.8%. 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 for IT expansion and hiring to continue in a robust fashion. "
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.
Current IT Hiring Plans - IT Job Hiring Slows
The treat of an economic downturn, inflation, high energy cost, and the continued war in Ukraine will continue dampen hiring for IT pros over the the next few quarters.