IT Pro job outlook stagnates
IT job market continues to stagnate in August as IT hiring slows according to both CIOs and BLS data
Park City - UT – IT Pro job outlook stagnates - The overall unemployment rate improved slightly to 6.1%; however, the job market participation rate fell back to 62.8%. The IT hiring slowed with only an increase of 3,400 new IT jobs in August as opposed to 4,600 in July (adjusted down from 9,600 which were reported by the BLS last month). In the last 3 months 15,100 IT jobs were added and 75,200 jobs in the last 12 months. The CEO of Janco Associates, Mr. Victor Janulaitis said, "The employment data for IT professionals does not seem to be improving. Some new jobs are been created. However they are in selected technical areas of security, compliance, and BYOD support. " Janulaitis added, "Based on interviews of 97 CIOs in the last two weeks, we see that CIOs have become more cautious as they think that it may not be until early next year that they may expand their staffs some. The CEO added, "IT Pros are continuing to feel the brunt of the hiring slow down as the average salaries they command are 'easy targets' for those trying to contain costs. " In Janco Mid-Year 2014 IT salary survey Janco found that the average compensation for all IT Professionals is $79,376 without the cost of major benefits like health insurance and company contribution to 401Ks. "
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.
From a review of the latest BLS data, Janco has found that there was a net increase of 15,100 jobs in the last three months. The three month moving average shows a slight downtick in the number of jobs added due to a negative revision in the of jobs added June and July.
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 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.
The latest data for more read on...
Data points to robust hiring of IT Professionals with 38.5K jobs filled in the last 3 months.
Note - data includes the adjustments by the BLS to the initially reported data.