The June Jobs Report from the U.S. Bureau of Labor Statistics shows an economy that is still creating jobs at a steady rate. The big talker today is the unemployment rate both nationally and in the IT sector. Both are currently at the lowest they’ve been since 2008. With a .2% drop from May to June, national unemployment is now 5.3%. With a 1% drop since last month, the IT unemployment rate is significantly lower than the national number, at 2.9%.
Last month, 223,000 new jobs were added. Job additions for April were revised from 221,000 to 187,000, and the change for May was revised from 280,000 to 254,000. With these revisions, employment gains in April and May combined were 60,000 lower than previously reported. Over the past 3 months, job gains have averaged 221,000 per month. Year-over-year job gains are now averaging 250,000 per month. While economists say the report missed the mark for key indicators of economic recovery, the IT industry is still holding steady as the top performing sector and tech job growth continues its upward climb.
IT Industry Top Performer in Jobs Report
The Professional and Business Services sector, has once again, outperformed the other industries with the addition of 64,000 jobs bringing the average monthly gains to 57,000 over the last 12 months. Of those new jobs added this month, temporary help services added 20,000 jobs, computer systems design and related services added 4,000 jobs as did architectural and engineering services.
Professional, Scientific and Technical Services, a sub-sector of the Professional and Business Services industry, had a major drop in unemployment month-over-month. With a 1% drop, the IT unemployment rate currently sits at 2.9% the last time we saw a rate lower than that was 7 years ago.
June Fast Facts
The Impact of Wages on Economic Recovery
Ahead of this month’s jobs report, economists said average wage growth would be one predictor of economic recovery. In June, average hourly earnings remained virtually unchanged at $24.96. Over the past year, average earnings have risen 2.o%.
IT Employment and Hiring
The IT industry continues to be a top performing sector each month which means the competition to hire the best talent will continue to heat up. Modis can help you stay ahead and connect your business with the very best tech professionals. Learn more about how we can move your business forward or contact us today!