Days ahead of the December jobs report from the Bureau of Labor Statistics, economists predicted 200,000 new jobs would be created. However, the report released Friday morning showed far less. 74,000 jobs were added in December, compared to 203,000 added the month prior. There is one bright spot in the report. The unemployment rate dropped from 7.0 percent to 6.7 percent, which is the lowest level since 2008.
IT-Specific Job Stats for December 2013
Taking an in-depth look at the IT industry, during the month of December, 2.92 million people were employed, up from 2.91 million the month prior. Within the industry, employment in Temporary Help Services rose by 40,000 jobs. In Professional and Technical Services, 11,700 jobs were lost in the month of December. However, over the past 12 months, the sector has added 139,000 jobs total.
The Professional and Business Services sector’s employment figures, once again solidified its place as a top-performing sector. 19,000 jobs were added in December with 5,300 of those jobs coming from computer systems design and technical consulting. In November, the sector added 35,000 jobs bringing the average over the past year to 53,000 jobs added per month.
With 2013 all wrapped up, industry insiders are giving a look at how the labor picture changed last year. The number of employed Americans increased by 1.4 million while those unemployed fell 1.9 million. Economists say this was a major factor in the large drop in the unemployment rate. The labor-participation rate is at a multi-decade low of 62.8 percent. Economists say 2013 was the best year for jobs since 2005. Though, many job seekers say they continue to find a much harder market than they did before the financial crash of 2008.
Other Economic Articles of Interest
8 Ways the Economy is still Affecting the Job Market (via US News)
Many feel the U.S. economy is on an upsurge, however other groups disagree. Take a look at 8 ways the economy is impacting those looking for jobs:
Good news for those looking for jobs in the IT industry. 2014 is shaping up to be strong in terms of salaries and growth.