The U.S. Bureau of Labor Statistics released its most recent statistics for August data. In concerns to the IT industry, particularly computer systems design, management, and tech consulting services all experienced employment gains. Professional and business services particularly have added 1.1 million jobs (over the past 12 months). Regarding staying competitive, professional and business services amount to the highest sector gains. Wages are rising, as well. Candidates expect higher compensation for more technical skills.
According to Chief Investment Strategist at State Street Global Advisors, “There’s something for everybody in this report. This report supports the Fed’s ability to engineer a soft landing. Markets like it.”
What does this mean for the current state of IT employment trends?
In August, unemployment rose to 3.7%. This was higher than experts predicted. In summary, you can look at the IT industry and professional services as a whole as somewhat of an eye to a hurricane. Even though the demand for talent remains low in areas such as legal services, professional/IT services remain high in demand, providing a robust market for jobs.
Whether your company needs a full-service business advisor or just support in specific areas, APC customizes an efficient, cost-effective solution to facilitate strategic goals. And while you’re here, don’t forget to view all of APC’s thought-leadership pieces, which cover a range of informational articles for both employers and professionals on topics like resume help, a study on the Great Resignation, top tech hiring trends this year, and more!
Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.