IT Employment Ticks Down in November
Alexandria VA, Dec 13, 2023 – TechServe Alliance, the national trade association for the Technology Staffing and Solutions Industry, reported that IT employment ticked down in November, decreasing 0.12% month-over-month. Over the past year, IT employed has contracted 1.83%, resulting in a loss of 99,000 positions. By contrast, the Engineering sector posted a year-over-year job growth rate of 1.83%, adding 50,600 jobs during the same period.
Mark Roberts, CEO of TechServe Alliance, commented on the recent trends: “While the market for IT professionals is expansive, heterogeneous, and not easily captured by a single narrative, it is fair to say we have not yet seen a return of robust demand. While the economy remains strong by most measures, the Fed’s restrictive interest rate policies are clearly having an effect on labor markets.
“Despite softer demand, the availability of tech talent remains constrained in high-demand skill sets, such as those related to AI, analytics, and security.”
Roberts further elaborated on the paradoxical nature of the current market dynamics, stating, “With softer demand coexisting with an IT unemployment rate of only 1.94% (Q3), it continues to be a peculiar and unusual market.”