27,700 IT Jobs Lost from Job Market
BLS data shows telecommunications lead the way with the loss of 37,200 job in the month of May
Park City - UT - www.e-janco.com - 27,700 IT Jobs Lost from Job Market Janco's analysis of the latest employment data from the BLS shows a rapid slowing in IT job market growth. The data shows the moving average for new IT jobs created continues to fall and now has a negative growth rate of 0.51% which is at a five-year low. The CEO of Janco, M.V. Janulaitis said, "The IT job market shrank by 27,700 IT jobs were created in May and YTD new IT job creation is behind by 57,300 of the 2015'a pace. Considering that 2015 had a slowing in IT job market growth, this this more be the first shoe dropping for an new recession. "
Latest YTD IT job market growth
With additional spending from the government Covid relief bill, a strong signal the recovery will continue.
Latest YTD IT job market growth
The CEO added, "There is an acceleration in the rate of slowdown in the IT Job Market. If this continues, as we think it will, there is a probability that there could potentially be a net decrease in the size of the IT Job Market in 2016. We have already lowered our best case forecast for net new IT jobs for the balance of this year and have reduced our prior forecast of 87,700 to 40,300. "
Janco interviewed over 75 CIOs in the last several weeks as part of its semi-annual salary survey ( https://www.e-janco.com/salary.htm ) data collection process. CIOs are not as optimistic this year as at the same time last year. A preliminary hiring forecast by job levels within the IT function shows that long term hiring plans for both IT Staff and "contractors/consultants" is flat.
As confirmation that a slowing of the IT job market, one IT contractor, who deals with IOT solutions and is looking for a new position, said, "Finding opportunities is difficult at best. Only those with the right set of experiences are even given interviews. "
The CEO also said, "On the plus side, CIOs report that CFOs are not completely adverse incremental spending for IT related activities that have operational support and have a good ROI. We have found no IT initiatives that are being approved to upgrade technology for the sake of IT's desire to have the latest new thing. "
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 CEO also said, "On the plus side, CIOs report they are still allowed limited incremental spending for IT related activities, but they are required to have good business cases with support from the operational side of their enterprises. Few IT initiatives are being approved to upgrade technology for the sake of IT's desire to have the latest new thing. "
Janco is an international consulting firm that follows issues that concern CIOs and CFOs. The firm publishes a series of IT and business Infrastructure HandiGuides® and Templates including IT Infrastructure Policies and Procedures, Disaster Recovery/Business Continuity Template, Security Template, IT Job Descriptions, and its semi-annual IT Salary Survey.