IT Employment Stabilizes in June; Q2 IT Unemployment Rate Drops to 2.4%
Alexandria, VA, July 12, 2023 – IT employment was essentially flat dipping only 0.03% month-over-month in June, according to TechServe Alliance, the national trade association for the Technology Staffing and Solutions Industry. On a year-over-year basis, IT employment was down 2.25% from June 2022, a net loss of 122,400 jobs. The Engineering sector showed a year-over-year job growth rate of 2.73% with the addition of 74,500 jobs during the year.
“After the better part of a year losing more than 10,000 jobs a month, IT employment has stabilized the last two months, coming in essentially flat in June. As I have noted before, the drop through much of 2022 and the beginning of 2023 reflected both a correction of the over-hiring by some sectors and employers being generally more cautious amid economic uncertainty” observed Mark Roberts, CEO of TechServe Alliance.
“While overall IT employment has not yet returned to a growth trajectory, the supply of talent remains tight. After rising to 2.7% in Q1, the IT unemployment rate dropped to 2.4% in Q2—well below the unemployment rate of 3.6% of the overall workforce and what is deemed full employment,” added Roberts. “While the data may appear to be sending mixed messages, the bottom line is it remains a ‘sellers’ market in high demand IT skill sets.”
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