Unfortunately for the second month in a row, economists’ job growth predictions fell short overall, disappointing many. Original predictions were set at 180,000 new jobs in the market, while only 113,000 were actually created for the month of January. This number is 41% lower than the average pace for job creation in 2013. Despite these short predictions in the jobs report, the unemployment rate still dropped one tenth of a percent this month, now sitting at 6.6% nationally.
Checking in with IT-Specific Stats for January 2014
As we look closer into the IT industry during the month of January, we see that roughly 2.93 million people were employed. This number is up 5,300 from December 2013. Although Information Technology was not the front-runner in growth this month – the award goes to construction with 48,000 positions added – IT’s solid numbers still triumphed over legal, accounting, and architecture and engineering.
Of these 5,300 added tech positions, 4,700 fell under computer systems design and related services, while the other 600 were from management and technical consulting services. One of the fastest growing and “best jobs” in America for 2014, according to Time magazine, is the developer, which is the first time a tech job has held the top spot on their list – with computer systems analysts coming in at number two. Due to fast growth, high demand and solid pay, tech jobs were continuously on the rise in 2013 and show even more promise for 2014.
The Bottom Line
Although many of us in the US were hoping to see higher numbers this month, it’s still positive to see an upward trend in job creation, as it signals good economic health. With labor force participation expanding this month, experts are predicting that there will be a bit of an employment boom in Spring, where we will see national figures return to the range of 175,000-200,000 jobs added per month.
At Modis, we’re still feeling positive and optimistic about the growth of the IT industry, as we notice employers growing their IT departments with a mix of both employees and contractors. If you’re interested in adding top tech talent to your IT team, contact us today. Our 60+ branches are eager to work with you and pair skilled IT professionals with your organization.
Other Economic Articles of Interest
And the best job in America right now is… (via Time)
According to Time’s Best Jobs in 2014, developers top the list for having the best job in America due to the high demand and growth of app and web development in America.
Tech job growth is driving the 21st century American Dream (via USA Today)
“The Land of Opportunity” speaks true to cities like San Francisco, Boston, Salt Lake City, Washington DC, San Jose & New York. Using income data on 40 million Americans, it’s in these cities that there’s a better chance for families to see upward economic mobility within one generation. This is largely due to a boom in technology jobs with top tech companies like SalesForce, Microsoft and Cisco Systems.