April Jobs Report Marks Lowest Unemployment Rate in 5 Years

by Modis on May 2, 2014

April 2014 National Jobs Report Modis

The good news continues this month as the jobless rate is now 6.3% according to the April 2014 BLS Jobs Report. The April rate is the lowest it has been since October 2008 when it sat at 6.5%. Several significant factors attributed to the reduction in rate, with the largest being the 288,000 new jobs created in during the month. April’s growth is the largest monthly gain since January 2012. Additionally, 806,000 people leaving the labor force and the upward revision of new job numbers for February from 197,000 to 222k ,000 and March from 192,000 to 203,000 also factored into the lower rate.

Due to widespread employment gains across the board, February, March and April 2014 are the first consecutive months to have job growth of more than 200,000 per month since October, November and December 2008. The total number of unemployed persons in the United States is 9.8 million, which is a decrease of 733,000.

April 2014 IT-Specific Stats

Turning our focus to IT, the Jobs Report indicated that 2.96 million people were employed in the field with 13,900 gained for the month (up from 9,600 in March). The industry that includes the IT sector, Professional and Business Services, added 75,000 jobs in April. Furthermore, Professional and Business services has averaged at least 55,000 new jobs per month over the past year.

Of the 13,900 jobs created in IT, 8,900 were specific to computer systems design and related services, while 5,000 were management and technical consulting services. CNBC recently analyzed 10 Jobs that Didn’t Exist in 1989, and most of them could be attributed to technology with several being specific IT positions.

Final Thoughts on IT Job Growth

Forecasts show an expected 22 percent rise in IT employment by 2020, and many are attributing this to the growing trend towards insourcing IT talent. Our latest white paper evaluates the disadvantages to outsourcing and the reasons why many are choosing to bring IT back in-house.

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