IT job market cools in September as unemployment rises, job postings fall

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A quick dive:

  • Key tech hiring indicators suggest sector cooled in September, according to CompTIA survey Data from the US Bureau of Labor Statistics published on Friday.
  • Unemployment among IT professionals rose to 2.2%up from 2.1% in Augustnoting growth for the second month in a rowwith IT unemployment is still being tracked bbelow the national averagewhich remained unchanged from Art the previous month by 3.8%.
  • Shed of the technological sector more than 2,600 jobs last monthwhile the economy as a whole lost 20,000 IT positions in various industriesthe report says.

Dive Insight:

A slowdown in tech employment hit the national workforce in September. Employers added more than 336,000 jobs, nearly double market expectations.

“Technology employment data did not add color to the last month,” Tim Herbert, chief research officer at CompTIA, said in a release. “Despite consistently high demand for technical skills in many areas and positive outlook, there is currently a hiring backlog.”

IT unemployment rose in September as the tech job market cooled

National unemployment rate compared to unemployment in IT occupations

The report also shed light on future hiring expectations related to technical positions. After reaching a three-year peak in mid-2022 of more than 370,000 job postings for tech jobs fell to just over 184,000 last month.

“There is a combination of factors,” Herbert said in an email. “Economic uncertainty, higher capital costs and continued inflation may cause some CIOs to suspend or postpone hiring decisions.”

According to Herbert, the hiatus in big tech investment decisions that began last year is still having ripple effects in pockets of tech hiring, especially at new tech startups.

According to Christine Hales, vice president of people at Impartner, key labor market indicators continue to cast doubt on the stability of the tech industry. The results also force the industry to ask itself whether it is as efficient as it could be.

Despite the concerns, the industry’s widespread reliance on digital solutions and platforms points to a continued need for trained technologists.

“Technical talent is critical to most companies these days and affects virtually every industry,” Hales said in an email. “I believe that companies will still need to hire for strategic and specialized positions. The roles that are in the highest demand are mainly data-related, such as data engineers, data scientists, machine learning engineers and business analysts.’

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