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August BLS Report Update

August BLS Report for Tech Employment

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 Resignationtop tech hiring trends this year, and more!

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