Number Unemployed IT Pros

The number of IT Pros who are unemployed in the US is 128K - Unemployment rate is greater than the national average

Historically the unemployment rate for IT Professionals and those in the Information field is less than that of the national average as reported by the Bureau of Labor Statistics (BLS). Janco reviews this data and includes it in its process of forecasting the growth of the IT Job Market.

(note - Charts have been updated with the latest data. If you want to see the original charts please contact support at e-janco.com. Text is the original text. Specify which charts and dates you desire and they are available for free to paid subscribers of the CIO - IT Manager Newsletter)

National Unemployment Rate versus IT Pros Unemployment Rate

In October the BLS reported the National Unemployment Rate was 4.1% and 2.7% for IT Professionals.

Information Technology Unemployment Rate

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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.

 

IT Job Market Forecast

IT Pros unemployed

Number of Open Jobs for IT Prosa
Data complied and forecast updated by Janco Associates with data as of October 2024

If qualified, there are more than enough opening to proved jobs to the unemployed IT Professionals. The kicker however is that many of the unemployed IT professionals do not have the skills for the open positions.

Over the last several quarters that has been the dilemma these IT Pros are facing. There is no short term solution for this. We currently are seeing a number of these professions doing the following:

  • Get training and experience with the skills that are in demand.
  • Going into the sub-contractor market to earn income while they continue to look for positions they are qualified for.
  • Collecting unemployment while they look for a new position
  • Leaving the IT field for one where they can find employment.

Number unemployed Information individuals
CIOs and CFOs have stopped hiring IT Pros except for required replacements as a result the rate of hiring IT pros plummets.

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