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Tech industry resumes growth as unemployment rate declines

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Apr 27, 2024 — 1 min read

The latest unemployment data suggests the tech industry is poised for growth, with CompTIA reporting an addition of 6,000 tech workers and an unemployment rate of 3.0% in March. This is in contrast to December's rate of 3.5%. The demand for tech workers is strongest in artificial intelligence (AI), with over 41% of emerging tech job postings being related to AI. There are numerous job postings that do not require a four-year degree, with some positions such as IT support specialists having 78% of job postings without a degree requirement. The Manpower Group's president, Becky Frankiewicz, stated that the current labor market is "goldilocks", with hiring being hotter than last year, but cooler than February. CompTIA predicts that tech employment will grow by 3.1% in 2024, with occupations such as data scientists, data analysts, cybersecurity analysts, and software developers and engineers seeing the largest growth. The BLS also reports that the unemployment rate decreased slightly from 3.9% in February to 3.8% in March, with the number of unemployed people remaining relatively unchanged at 6.4 million.

In January, the US added 353,000 jobs, according to the BLS. Tech companies added 18,000 workers, with the unemployment rate remaining at 3.3%, CompTIA reports. Overall, tech occupations declined by 117,000 positions, and there were over 392,000 active tech job postings. The majority of postings were for software development, IT project management, data analysis and science, IT support, and systems analysis and engineering. There was a significant increase in the number of job postings offering hybrid, remote, or work-from-home options, up 5,000 from December. The Manpower Group's president, Becky Frankiewicz, stated that hiring is "goldilocks", being hotter than last year but cooler than February.

Overall, the BLS reports that the unemployment rate decreased slightly from 3.9% in February to 3.8% in March, with the number of unemployed people remaining relatively unchanged at 6.4 million.

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