Early predictions for the May Jobs Report showed well over 200,000 jobs would be added and the release from the U.S. Bureau of Labor Statistics did not disappoint. In May, the BLS shows 280,000 jobs were added. The unemployment rate remained relatively unchanged, sitting at 5.5.%. Economists say the strong jobs report could be an indicator of when interest rates may rise. This month marks the 6th anniversary for economic recovery and the employment outlook remains fairly positive.
IT Industry Top Performer in Jobs Report
The IT industry is, once again, a top performer with 63,000 jobs added since April and 671,000 new jobs added over the last year. Of the 63,000 new jobs added last month, temporary help services added 20,000 jobs, computer systems design and related services added 10,000 jobs and management/technical consulting services adding 7,000 jobs.
Professional, Scientific and Technical Services, a sub-sector of the Professional and Business Services industry, currently has an unemployment rate that is significantly lower than the national average. This number, which we consider the IT unemployment rate, currently sits at 3.9%. While this number is higher than previous months, the substantial job gains month-over-month and year-over-year continue to establish the strength of the IT industry and indicate growth for the foreseeable future.
May Fast Facts
In May, average hourly earnings rose by $0.08 and now sit at $24.96. Over the past year, average earnings have risen 2.3%. Economists have long predicted a significant rise in wages and this month solidified those predictions. Industry experts say this upward trend could go a long way in keeping the economic outlook positive for most Americans.
Keep Pace With The Evolving IT Employment Landscape
With jobs gains in the IT industry holding steady each month, tech professionals are finding work with ease. It’s no secret that the fight for top talent is increasing. Modis is here to make sure you connect with the very best employees out there. Learn more about how we can move your business forward or contact us today!