Signs of Economic Momentum in May Jobs Report

by on June 6, 2014

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March 2014 National Jobs Report Modis

With the addition of 217,000 new jobs in May, signs are pointing to a gain in economic momentum despite a slow start to the year. According to the U.S. Bureau of Labor Statistics report released on Friday, total nonfarm payroll employment rose by 217,000 in May, which is slightly more than the average monthly gain over the past six months and above the 215,000 that experts predicted. The unemployment rate remained unchanged from April at 6.3 percent.

So far in 2014, the unemployment rate has declined by 1.2 percent and the number of unemployed persons has declined by 1.9 million. Furthermore, the number of long-term unemployed has declined by 979,000 over the past year.

Focus on IT Employment Stats for May

The report indicated that 2.975 million people were employed in the IT field in May and gained 13,400 new jobs for the month (slightly down from April’s 13,900 new jobs). The sector that includes IT, Professional and Business Services, added 55,000 jobs in May, the same as its average monthly job gain over the prior 12 months.

To break down the new jobs created in IT, 6,600 were specific to Computer Systems Design and Related Services, while 6,800 were Management and Technical Consulting Services.

Forbes recently released their “Best Cities for Tech Jobs” report that details the established leaders in tech employment as well as new hot spots throughout the country. The report proves how these cities are vital to the continued growth of the IT industry.

The Competitive IT Hiring Space

Month over month, the IT sector is showing steady job growth. As competition in the hiring marketplace heats up, companies have to look beyond titles, salaries and job descriptions in order to lure highly skilled IT professionals. Having the right approach is key to scoring top IT talent, and the IT Insights section of our website is filled with trends, strategies, and knowledge to make exceptional connections.

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