Current Labor Indicators
- Total Unemployment: 7.8%
- College Educated Unemployment: 3.9%
- Total Job Loss/Gain: +155,000
- Temporary Penetration Rate: 1.9%
While we saw only slight improvements in the headline unemployment figures for 2012, temporary employment continued its positive trends in the December Bureau of Labor Statistics (BLS) report. In fact, during 2012 temporary employment accounted for nine percent of the nonfarm payroll job gains, despite representing less than two percent of the overall workforce as shown in the temporary penetration rate (the percentage of temporary workers as a percentage of the total workforce).
As we kick off 2013, we continue to expect more positive employment gains in technology. According to the BLS, computer and IT jobs are expected to grow 22 percent by 2020. This includes an increased demand for professionals with software developing, cybersecurity and network infrastructure skills.
While we saw an increase in the supply of computer science professionals in the early 2000’s, the number of professionals obtaining these degrees now has been on the decline. This reduced network of qualified talent has now created increased competition in the market for employers looking to secure highly skilled IT professionals.
The Upward Trend in IT Employment
In the past 12 years, tech employment has increased by 30 percent – that’s compared to .8 percent increase in total employment!
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