Alexandria VA, Dec 13, 2023 \u2013 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.\u00a0Over the past year, IT employed has contracted 1.83%, resulting in a loss of 99,000 positions.\u00a0By contrast, the Engineering sector posted a year-over-year job growth rate of 1.83%, adding 50,600 jobs during the same period.<\/p>\n
Mark Roberts, CEO of TechServe Alliance, commented on the recent trends: \u201cWhile 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.\u00a0 While the economy remains strong by most measures, the Fed\u2019s restrictive interest rate policies are clearly having an effect on labor markets.<\/p>\n
“Despite softer demand, the availability of tech talent remains constrained in high-demand skill sets, such as those related to AI, analytics, and security.”<\/p>\n
Roberts further elaborated on the paradoxical nature of the current market dynamics, stating, \u201cWith softer demand coexisting with an IT unemployment rate of only 1.94% (Q3), it continues to be a peculiar and unusual market.\u201d<\/p>\n