Is the Future of the US Tech Job Market Promising?

Tech sector employment experienced a downfall of 0.2% in February 2023, when approximately 11,184 people lost their jobs. As a percentage, the number is relatively low since the US tech job market employs more than 5.5 million people. Tim Herbert, chief research officer at CompTIA, mentions, “Context is critical. The recent pullback represents a relatively small fraction of the massive tech workforce. The long-term outlook remains unchanged with demand for tech talent powering employment gains across the economy.” In his article for Computerworld, Lucas Mearian talks about the history of the US tech job market and how it reflects on the future.

How Massive Layoffs Affected the Tech Job Market

Mearian shares that the tech layoffs did not particularly impact developers. The layoffs affected data center operations and administrative roles related to hiring and DEI. One of the main reasons for the layoffs is the introduction of automation processes. CIOs and CFOs are looking for innovative and cost-effective methods to incorporate automation. They believe it will enhance business productivity and accuracy. The tech job market has recently seen considerable demand for security professionals, developers, and IT blockchain professionals.

A Month-Wise Report of the US Job Market

Mearian shares a monthly report of the US tech market:

January 2022 – The unemployment rate decreased from December’s 1.8% to 1.5%.

December 2022 – Despite massive layoffs, the US tech industry added approximately 223,000 jobs in December.

November 2022 – The US tech companies added 14,400 new professionals.

October 2022 – The tech industry employment rate increased by 28% in comparison to the same period last year.

September 2022 – The tech industry hired people for the 22nd consecutive month, adding almost 84,000 employees in the tech sector. According to CompTIA’s report, the market experienced stability in tech hiring.

August 2022 – The tech market added another 239,000 employees, according to the US Bureau of Labor Statistics (BLS).

July 2022 – The IT jobs declined for the third month in a row (from 29,500 jobs in April to 18,400 in June).

Click on the link to read the original article: https://www.computerworld.com/article/3542681/how-many-jobs-are-available-in-technology.html 

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