IT Job Market Improves
IT Job Market Grows by 6,600 in October according BLS data Participation rate increases slightly to 63.8% from 63.6% and the number of IT jobs grew by 6,600 in October and the number of jobs added in August was adjusted up by 7,200 - a good sign
\IT job market grew by 6,600 jobs in October. The number of jobs added in August was adjusted up from a loss of 6,600 jobs to a gain of 600 jobs - a 7,200 positive job swing. The CEO of Janco Associates, Victor Janulaitis said, “The jobs picture for IT Pros is looking better. Maybe we are coming out of the recession, but it is a slow and arduous process. Our findings are that CIOs are looking to add staff at the ‘worker bee’ level to meet short term needs. Few major new initiatives are in the queue for the first and second quarters of 2013. ”
According to BLS data, the entire US job market in the US did increased by 171,000 jobs in October and the job market participation rate edged up .2% of the labor force.
Janco continues to be concerned that the data shows the labor market participation rate which, though increasing .2% to 63.8%, remains at a record low level. However it looks like it may have stopped its free-fall. The CEO of Janco Associates said, “The year to year comparison of workforce participation shows how deep a hole we are in. Until those percentages turn around the recovery will be weak at best and take several quarters to improve the overall IT employment opportunities. ”
102 CIOs interviewed feel that hiring will increase six to nine months from now however many have cut back on new hiring until the 2nd quarter of 2013
In a continuing survey of CIOs Janco has found many CIOs are cautious but feel that overall hiring will improve significantly in 2013 and are initially budgeting accordingly. The CEO of Janco said, “In telephone interviews in late September of 102 US based CIOs we found that many are looking ahead to a brighter future with increased staffing in late spring and early summer. CIOs are keeping their current overall FTE (full time equivalent) headcounts level but are looking to replace consultants and contractors with full time employees. " He added, “A few CIOs in selected areas like SF Bay Area and Boston are continue to be bullish. ” Further he said, “One in ten CIO’s are looking to hire within the next 3 months to fill short term needs. These CIOs are looking for particular sets of skills to meet the demands of mobile computing and towards implementation processes which will support users to use their own personal devices - BYOD (Bring Your Own Device) - to minimize capital expenditures and improve ROI. ”
Health Care vs. Financial Services Job Growth
The health care job market continues to be a bright spot on the overall US labor market and is one area where IT Pros can go with the flow and find job opportunities. The implementation of Electronic Patient Records is one of the driving forces in the increased opportunities in this area. The chart below depicts the total labor market in this sector.