Forecast of the number of IT Jobs to be created has been revised downward
Janco has just revised the number of IT jobs to be created in 2015 from 160,000 to 154,700
Park City - UT – Forecast of the number of IT Jobs to be created has been revised downward - The August data from the BLS shows that the rate of increase in the number of IT jobs is slowing. After reviewing the data and factoring in Janco's interviews with 87 CIOs, Janco has revised its forecast for the number of IT jobs to be created in 2015 from 160,000 to 154,700. The CEO of Janco, M.V. Janulaitis said, "We are starting to see a disturbing trend in hiring for IT professionals. Granted that in August of 2014 56,600 jobs had been created in the year versus the 94,700 this year. The trend for increased hiring is slowing down. " He added, "In 2014 129,400 IT jobs were created but that included 37,900 in November. Janco does not forecast that some growth in November of 2015. "
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IT Job Market will have shrunk by an average of 4,900 jobs in CY 2024
There are approximately 71K unemployed IT Professionals. The IT job market shrank by over 48,600 jobs in CY 2023. Overall that is a flattening of the long-term growth rate pattern of the IT job market. Based on our data and forecast models, there will be no growth in the IT Job Market in the calendar year 2024.
Data complied and forecast updated by Janco Associates with data as of October 2024
IT Job Market Change - October 2024
IT Job Market shrank by 8,400 jobs last month - lost 29,100 jobs YTD
Updated with the data from the BLS and Janco Associates Inc as of October 2024 Analysis shows that IT Job Market has shrunk by 48,600 jobs in 2023. In the first ten months of 2024, the IT job market shrank by 29,100 jobs.
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In addition the CEO said, "While there were 6,500 IT jobs created in August, it is not clear that there will be a sufficient number of jobs created in the remaining 4 month of this year to meet our projected growth. We are cautiously optimistic. " Also he added, "However, with the recent downturn in the financial markets, election year uncertainty, and international instability; CIOs and executive management will need to make some very difficult decisions over the next several months.
Expanding on his comments, Janulaitis said, "On the plus side, the recovery seems to be moving ahead and CFOs, whom almost half of all CIOs report to, are allowing for limited incremental spending for IT related activities. "
There is significant activity is in the standardization of IT job titles and pay grades. The CEO said, "We have seen significant interest in our IT Job Family Classification System and the alignment and standardization of pay grades. " See more information at https://e-janco.com/it-job-classification-pay-grade.html.
Labor Participation Rate in the low 60's
Inflation is pushing more people back into the active labor market
100.7 million people in the U.S. are not counted in the labor force - see reasons why not working.
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Janco is an international consulting firm that follows issues that concerns CIOs and CFOs and publishes a series of IT and business infrastructure HandiGuides® and Templates including a Disaster Recovery/Business Continuity Template, Security Template and IT Salary Survey.
