Number Unemployed IT Pros
The number of IT Pros who are unemployed in the US is under 100,000 - Unemployment rate is less 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.
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National Unemployment Rate versus IT Pros Unemployment Rate
In January the report from the BLS the National Unemployment Rate was 3.7% versus 5.5% for IT Professionals.
There currently are over 156,000 unemployed IT professionals and the unemployment rate for IT professionals exceeds the national unemployment rate.
IT Job Market Flat for FY 2024
The number of IT jobs not filled now is just over over 156K unemployed IT Professionals. The IT job market shrank by over 57,400 jobs in CY 2023. Overall that is a flattening of the long term growth rate pattern of IT job market.
Data complied and forecast updated by Janco Associates with data as of February 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.