IT Job Market grows by 21,900 in the last 3 months
IT job market explodes in the last three months and shows signs of continued improvement
IT Job Market grows by 21,900 in the last 3 months - While the overall unemployment rate remained at 6.3%, IT professionals did significantly better by adding 21,900 in the last three months. The CEO of Janco Associates, Mr. Victor Janulaitis said, "The employment data for IT professionals is looking much better this past quarter. Where CIOs were looking to reduce head count earlier this year, they now at least are plan on maintaining existing staff levels and many will add staff in the fall. For the first time in several quarters some new positions have been added. " Janulaitis added, "Based on interviews of 98 CIOs in the last two weeks, we see that CIOs have become more optimistic as they think that perhaps by the 4th quarter of this year that they will expand their staffs. The Janco's CEO added, "Even with that glimmer of hope, IT Pros are continuing to feel the brunt of staffing cuts as the average salaries they command are 'easy targets' for those trying to contain costs. " In Janco January 2014 IT salary survey we found that the average compensation for all IT Professionals is $79,289 without the cost of major benefits like health insurance and company contribution to 401Ks. "
Historic IT Job Market Size
This is not the original data that was published. It has been updated
with data complied by Janco Associates with data as of January 2020
This chart is not the originally published one, rather it is updated with the current data based on the analysis by Janco Associates, Inc. For the latest IT Employment Data click here.
The moving average was impacted by several adjustments
in the number of new jobs and COVID-19 reported
by the BLS.
From a review of the latest BLS data, Janco has found that there was a net increase of 29,100 jobs in the last three months. The three month moving average shows a sharp uptick in the number of jobs added.
The labor market participation rate remains at a 30 year low of 62.8%. 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 for IT expansion and hiring to continue in a robust fashion. "
Labor Participation Rate in the low 60's
Covid-19 Impact US Labor Market
Improvement with partial re-opening
Impact of election results mixed
101,618 million people in the U.S. are not working - see reasons why not working. Since the shutdown the labor force participation rate has fallen almost 2% points. If a secondary shutdown occurs we forecast the labor participation rate many fall below 60%.
Current IT Hiring Plans
Even though many SMBs have closed their doors permanently resulting in a net loss in the number of IT professionals working, the employment picture for IT Pros is brightening. .