As you may know, on an ongoing basis, Janco analyzes the unemployment rates reported by the BLS. This is included in the firm's analysis of the projected number of jobs that will be added or deleted from the IT profession. The National unemployment data provides a measure of the health of the overall labor market. A more granular metric considers local conditions - i.e. state and local unemployment.
IT Employment Picture
The first signs of a poor employment picture are appearing in the IT job market as the number of new jobs created is flat. One of the drivers of this is the layoffs occurring at many big tech companies.
On the bright side, demand is still high for experienced CIOs, CTOs, CSOs, and Chief Artificial Intelligence Officers (CAIOs).
High Unemployment States
The highest unemployment states are those that have an overall unemployment rate of 4.5% or higher. Last month the unemployment rate in California moved up from 4.9% to 5.1%. That is at a time when many hi-tech companies still have major operations in California.
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