The Bureau of Labor Statistics released their jobs report for the month of October earlier this morning, and while the overall unemployment rate (5.0%) and the number of unemployed persons (7.9 million) remained essentially unchanged from September, companies added jobs at the fastest rate of 2015. The U.S. added 271,000 jobs last month, creating optimism for a labor market that seems to be moving in the right direction.
In addition to the promising job creation total, October saw hourly wages rise at the fastest year-over-year pace since the United States came out of 2009’s recession. Also worth noting, the 5.0% unemployment rate marks the lowest rate since April 2008. According to MarketWatch’s analysis, October’s employment report offers strong evidence that the United States is staying on a solid growth path despite hardships in the global economy.
IT Industry Continues to Shine
Once again, the Professional and Business Services sector outperformed other industries with the addition of 78,000 jobs, compared to an average gain of 52,000 jobs over the past 12 months. Of those 78,000 jobs, 26,900 were created in the Professional and Technical Services, 10,000 were added in Computer Systems Design and Related Services, and 7,000 were added in Management and Technical Consulting Services.
While Professional and Technical Services saw no change in unemployment rate from September at 3.1%, it continues to outperform every other industry and is significantly lower than the overall 5.0% unemployment rate.
October Fast Facts
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!