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As we posted our February jobs report, we made the comment on LinkedIn, “Hiring is picking up, and we are fairly certain we will see a much lower tech unemployment number in March as these positions get filled.” From February to March, the Tech Unemployment rate dropped from 3.5% all the down to 3.0%.
In March, the US Economy added 303,000 jobs which was 100,000 more than economists had predicted. According to CompTIA, tech occupations grew by 203,000 in March. Companies added 191,000 new tech job postings, which is the largest number since August of 2023. Unemployment for those with a Bachelor’s degree or higher is 2.1%.
As the market picks up steam, hiring experienced tech professionals will continue to get more difficult.
Tech Sector Resilience
Despite recent challenges, the tech industry showcased remarkable resilience with a surge in employment, particularly in critical areas such as technology services, software development, and cloud infrastructure. This rebound underscores the sector's pivotal role as a driver of economic growth and innovation. Furthermore, March saw a noteworthy increase in new tech job postings, reaching the highest rate since August 2023. This surge in demand reflects the industry's continuous expansion and adaptability to evolving market dynamics.
National Unemployment Decline
In tandem with the tech sector's resurgence, the national unemployment rate experienced a decline to 3.8% from 3.9%, indicative of broader improvements in the job market. Nationally, payroll increased by 303,000 jobs, marking a notable 31% increase over the 12-month average. Notably, the leisure and hospitality sector finally returned to pre-pandemic levels, showcasing significant progress in the overall economic recovery. Other top-growing sectors included healthcare, government, and construction.
As Q2 ramps up, tech hiring will continue to present challenges to employers looking to fill critical roles to accomplish their goals for 2024.
About IQ Clarity: Your Strategic IT Hiring Partner
At IQ Clarity, we understand the challenges employers face in finding the right IT professionals to meet their business needs. That's why our team offers comprehensive IT recruiting solutions that streamline the hiring process and connect employers with top talent. With our extensive network of skilled IT professionals, employers can access a pool of pre-screened candidates and make data-driven hiring decisions. Trust IQ Clarity to be your partner in navigating the dynamic IT job market and finding the perfect fit for your IT needs.
About Ted Hellmuth
As the Founder & GM of IQ Clarity, Ted is continuously seeking to disrupt the technology recruiting industry. He has over fifteen years of experience helping Colorado companies find solutions to their most complex technology and talent acquisition initiatives. Prior to starting IQ Clarity, he was a Talent Acquisition Consultant for Comcast / NBCUniversal. He also spent more than a decade with one of the world’s largest staffing firms. Ted received a bachelor’s degree from the University of Colorado at Boulder and his MBA from the University of Colorado at Denver. While he is not scouring the web for top engineering talent, Ted enjoys spending time in the mountains with his wife and three children.