CompTIA has released a review of the current job situation based on the latest U.S. Bureau of Labor Statistics data. IT occupations in all sectors declined by an estimated 134,000 jobs.
From the analysis “Even with the July job losses, net IT employment is up by more than 203,000 positions since the outbreak of COVID-19. The unemployment rate for IT occupations is 4.4%, less than half of the national unemployment rate of 10.2%.
Over the past five years annual monthly job gains occurred, on average, in six months and job losses were recorded in the other six months. Year to date in 2020 there have been five months of job gains and two months of job losses.“
Why do we care?
This is early signs in my mind. I’m expecting a very uneven set of market problems, as it will vary by industry and by location. The trends are useful, although your mileage may vary. That said, no industry will go unscathed. That’s the warning.
If you can, now is the time to pick up talent while it is available. Assuming your cash flow is solid and you’ve planned for a possible negative downturn, if you are growing (and not just riding the sugar high of surges in project work), now is the time to pick up talent. That’s the opportunity.