The unemployment rate dropped significantly to 5.6% according to the latest jobs report released by the U.S. Bureau of Labor Statistics. According to the report, U.S. employers added 252,000 jobs in the month of December. The unemployment rate is down 1.1 percentage points over the year and number of unemployed persons is down 1.7 million as well. This is the lowest unemployment rate level since June 2008.
The current trend of 200K+ job gains per month as now been extended to 11 months – the longest growth streak since the 19th month streak that began in 1993 and ended in 1995. For the year, 2014 averaged 246,000 new jobs per month – up from the 194,000 per month average in 2013. Based on the substantial annual growth, 2014 is the strongest year for employment gains since 1999.
Furthermore, the report revised numbers from October and November which resulted in an additional 50,000 jobs than indicated previously. October’s payroll was revised up from 243,000 to 261,000 and November’s up from 321,000 to a staggering 353,000 new jobs.
December’s Tech Employment Takeaways
Professional and business services – the sector containing IT employment – continued to be a leading industry sector with employment rising by 52,000 in the December report. Overall, the sector averaged 61,000 new jobs per month in 2014.
Specific to IT and tech jobs, computer systems design and related services and Management and technical consulting services employment grew by 9,000 and 3,200 respectively.
As the IT industry continues to grow, the salaries for tech workers are also trending upwards. In a recent Network World article, Modis President Jack Cullen recently shared his predictions for salary and benefit trends for 2015 as well as his in-depth industry insight.
Fast Facts for December’s Jobs Report
Build Your Strongest IT Staff in 2015
While 2014 may be the best year for growth since 1999, the tech sector has changed dramatically in the past 16 years. Tactics for attracting and retaining top talent have evolved, and at Modis, we’ve stayed with all of the trends.
Our 2015 Salary Guide is filled with the most up-to-date salary data and job descriptions for IT jobs, as well as our projections for the future of the IT industry and how you can succeed in the new year and beyond. Request your copy.