With the addition of 248,000 jobs in September, the U.S. Bureau of Labor Statistics reported a significant drop in unemployment rate to 5.9% on Friday. This is reduction of -0.2 percentage points from August. Over the past 12 months, the unemployment rate has dropped 1.3 percentage points and the number of unemployed persons has been reduced by 1.9 million. This is the lowest the unemployment rate has been since July 2008 when it was 5.8%.
Additionally, the Associated Press reported this week that the number of individuals applying for U.S. unemployment benefits dropped to it’s lowest level in more than eight years. The number of individuals receiving aid is the fewest since June 2006 – 18 months before the start of the Great Recession.
The September Jobs Report also included revised numbers for July and August. Originally, July reported 209,000 new jobs, but was revised up to 212,000 in August’s report. It has been revised up again – this time to 243,000. The change in total nonfarm payroll employment for August was revised up from 142,000 to 180,000. Combined, the July and August revisions account for 69,000 more new jobs than had been reported previously.
The industry sector that includes IT, Professional and business services, reported a gain of 81,000 new jobs in September. Compared to the average of 56,000 new jobs per month, this is a substantial gain for the sector.
Of the 81,000 new jobs in professional and business services, 30,283 can be attributed specifically to IT. Management and technical consulting services reported 12,510 jobs which was an increase of 4,900 from August. With an increase of over 11,500 from August, computer systems design and related services reported significant growth with the addition of 17,773 new jobs in September.
Increased Competitiveness in the Tech Hiring Space
With the growth in the September Jobs Report as proof, the tech sector is expanding at a rapid rate and becoming more and more competitive for employers hiring IT professionals. Our 2015 Salary Guide Resource Center is filled with expert insights on the evolving tech workforce to assist you in attracting and retaining top talent in this competitive hiring space. Check it out here.