The month of October brought 214,000 new jobs as reported by the U.S. Bureau of Labor Statistics on Friday. The October Jobs Report also showed a continued reduction in unemployment rate which now sits at 5.8% – a 0.1% reduction from September and a 0.8% reduction since the beginning of the year. Additionally in the report, the number of unemployed persons has declined by 1.2 million in 2014.
The U6 – the BLS’s broadest measure of unemployment – reached its lowest point in 6 years in October and is now at 11.5%. Furthermore, more improvement in employment was see as the Labor Force Participation Rate increased to 62.8%.
August and September also saw revisions from their original report. August originally reported 142,000 new jobs and was revised up to 180,000 in the September report. This report provided a further increase for August to 203,000. September’s initial 248,000 jobs was revised up to 256,000. These revisions account for a combined 31,000 more new jobs than previously reported in September.
The Tech Aspect of October’s Jobs Report
Over the past 12 months, Employment in professional and business services (the sector that includes IT) has averaged 56,000 new jobs per month. Of the 37,000 new jobs reported in the sector, 10,800 can be attributed to IT and tech employment. Computer systems design and related services accounted for 6,800 of the positions while Management and technical consulting services created 4,000 new jobs.
Tech Jobs on the Rise
For 2015 and beyond, more increases are expected in the tech sector. Modis President Jack Cullen recently discussed the predicted increases in IT security, mobile and big data with PC World. Our latest infographic has a forward-thinking view at the positions with the largest predicted growth over the next few years. View it here.