IT job market improved as 13,200 new IT jobs were added last month - 69,000 jobs added in last 12 months
Park City - UT – CIOs are Hiring - IT job outlook improves - The overall unemployment rate improved slightly to 6.9%; however, the job market participation rate fell to 62.7%. Janco estimates that another 500,000 individuals have left the overall labor market. The CEO of Janco Associates, Inc. , Mr. M V Janulaitis said, "In the case of computer science and IT professionals, 13,200 jobs were added in September and a cumulative 69,000 jobs in 2014. That however is less than the 70,000 plus Computer Science professionals who graduated from US universities in the last 12 month". The CEO added, "There continues to be a surplus of entry level IT Pros which is dampening salaries and limiting mobility within IT related jobs. " Mr. Janulaitis said, "On the plus side, the employment data for IT professionals shows a positive trend with the lasts month's increased IT job growth. However IT job opportunities tend to be in selected technical areas such as security, compliance, and BYOD support. " Janulaitis added, "Based on interviews of 113 CIOs in the last several weeks, we conclude that CIOs remain cautious as they think that it may not be until early next year that they may significantly expand their staff size. In support of this, Janco's Mid-Year 2014 IT salary survey Janco found that the average compensation remained flat for all IT Professionals and is $79,376 without the cost of major benefits like health insurance and company contribution to 401Ks. "
From a review of the latest BLS data, Janco has found that there was a net increase of 27,500 jobs in the last three months. The three month moving average for new IT jobs is now showing positive job growth.
The labor market participation rate remains at a 30 year low of 62.7%. 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. "