While IT Jobs Decline in December Supply Remains Tight
Alexandria, VA, Jan 11, 2023 – In December, IT employment declined 0.13% month-over-month while the unemployment rate for IT stood at 2.1% in Q4, according to TechServe Alliance, the national trade association of the Technology Staffing and Solutions Industry the unemployment rate for IT. On a year-over-year basis, IT employment was down 0.57% from December 2021, a net of 30,900 jobs. The Engineering sector showed a year-over-year job growth rate of 3.44% with the addition of 91,600 jobs during the year and with an unemployment rate of 2.2% in Q4.
“While the decline in IT jobs and the stunningly low unemployment rate in IT seem contradictory, I attribute it to the uneven impact of the economic downdraft. While some sectors are contracting and pulling back on hiring and even engaging in layoffs as reflected by the actions of some high-profile tech firms, other parts of the economy continue to thrive and expand their teams,” commented Mark Roberts, CEO of TechServe Alliance. “While this ‘realignment’ inevitably creates churn which can be reflected as a decline in jobs, the unemployment rate of 2.1% tells the story—there remains a shortage of IT professionals in high demand skill sets,” added Roberts.