Pullback in tech employment modest relative to expectations, CompTIA analysis of latest labor market data finds
The tech unemployment rate remains low with continued demand for tech talent
DOWNER’S GROVE, Illinois., March 10, 2023 /PRNewswire/ — Technology-related employment fell in February, albeit at a relatively modest rate compared to expectations, according to an analysis by CompTIAthe non-profit association for the information technology (IT) industry and workers.
Employment in the technology sector, which includes all types of workers employed by technology companies, fell by 11,184 jobs in February, according to analysis by the US Bureau of Labor Statistics’ CompTIA #job report Data. Among tech subsectors, tech manufacturing added 2,800 net jobs, the fifth straight month of positive gains. All other tech subsectors posted net job losses this month. As a percentage of the total tech employment base, the losses are a fraction of one percent (0.2%).
“As expected, the delay in jobs data means that announcements of earlier layoffs are now appearing in BLS coverage,” he said Tim Herbert, Research Director, CompTIA. “The context is crucial. The recent pullback represents a relatively small fraction of the massive tech workforce. The long-term outlook remains unchanged as demand for tech talent drives job gains across the economy.”
Tech jobs across all industries fell by 38,000 jobs[1]. In a similar context, that translates to a modest decline of about half a percent (0.6%) of the total base of tech employment across the economy. Consistent with the month’s decline, the unemployment rate for tech jobs rose to 2.2%. In comparison, the national unemployment rate rose to 3.6%.
Employer vacancies for tech positions fell by about 40,000 to just over 229,000 in February.[2] Most major city markets, with few exceptions, experienced declines in January through February. Seattle saw job postings rise just over 10% to nearly 4,100 for the month. The CompTIA report also shows that there were modest gains in “below the radar” markets such as Salem, ORAnd Little Rock, AR.
The professional, scientific and technical services industry had the highest number of vacancies for tech positions (35,257). Finance and insurance (24,735) and manufacturing (20,246) also had good numbers. Finance tech jobs were spread across major metro areas, led by NYC (2,295), Chicago (1,407), Dallas (1,230), Boston (1.088) and Washington (1,051).
The CompTIA Tech Jobs Report is available at https://www.comptia.org/content/tech-jobs-report.
About CompTIA
The Association of the Computer Technology Industry (CompTIA) is a leading voice and advocate for the 5 trillion dollars global IT ecosystem; and the estimated 75 million industry and technology professionals who design, implement, govern and protect the technology that powers the global economy. Through education, training, certifications, advocacy, philanthropy and market research CompTIA is the hub to unleash the potential of the technology industry and its workforce. https://www.comptia.org/
media contact
Stefan Ostrovsky
CompTIA
[email protected]
630.678.8468
|
[1] |
Monthly data on employment levels from the US Bureau of Labor Statistics tends to exhibit higher levels of variance and volatility. |
||
|
[2] |
Labor market data from the BLS and employer job posting data from Lightcast may be subject to backward revisions. |
SOURCE CompTIA
