253k jobs added, with tech being a major contributor at 45k job additions.
Another 253k jobs were added and unemployment went down to 3.4% in April’s Bureau of Labor Statistics Jobs Report. Professional, scientific and tech services, added 45k jobs.
Analysts had predicted much lower job gains (+180k predicted) and an increase in unemployment rate (3.6% predicted), so, once again the jobs report is outperforming analyst expectations.
Friday's jobs report comes after the Federal Reserve voted this week to raise its benchmark interest rate by another 0.25%, bringing the fed funds rate above 5% for the first time since September 2007. The labor market remains very tight, but with an uptick in participation among prime age workers (or those 25-54), as well as moderating wage gains and a drop in job openings, which just hit their lowest since April of 2021, there are some signs that supply and demand are coming back into better balance.
Overall, though, labor demand still substantially exceeds the supply of available workers.
Key Tech Jobs Report Insights
Tech Jobs Added: +45k in Professional, Technical and Scientific Sciences
Tech Unemployment Rate: 2.8% which is up from 2.5% in March
YOY Gains: +428.7k jobs which averages +35k jobs per month
Tech Jobs Remain Hot Despite Silicon Valley Layoffs
It’s easy to get concerned after seeing recent layoffs at Meta, Zoom, Dropbox and other large tech companies. But don’t let that cloud your outlook. Tech jobs are everywhere. The majority of businesses rely on technology in some form to operate. Our experts at Computer Futures are seeing positive growth in the tech sector and there’s still a major need for highly skilled talent.
Overall employment in computer and information technology occupations is projected to grow 15% from 2021 to 2031 – much faster than the average for all occupations. This is expected to result in about 682,000 new jobs. This doesn’t even count the nearly 420,000 job openings expected each year as a result of workers leaving their occupations permanently.
The other good news: Salaries remain high for workers in this field. The median annual wage for tech workers was nearly $98,000 in May 2021 – compared to $45,760 for all occupations.
Read more: Tech Hiring Predictions
Nationwide Growth & Investments In Tech
More cities and counties are providing economic incentives to tech companies that commit to creating jobs for those geographic areas. These incentive packages are mutually beneficial for the local economy.
- Global tech company Kaseya recently committed to creating 3,400 full-time jobs over the next three years in Miami-Dade County, Florida, making it one of the region’s largest employers.
- A new 65,000 square foot data center was recently approved for Auburn, Alabama that is expected to bring “very high tech, very high paying” jobs to the area.
- The Houston, Texas area is exploding in tech growth and one of the top metro areas in the U.S. for those jobs.
"In a year of even more uncertainty than usual, the tech labor market routinely defied expectations," said Tim Herbert, chief research officer for CompTIA, the world’s leading IT certification and training body.
The truth is – every company is a tech company. Technology is integrated in everything we do. Workers can find satisfying career opportunities in cities large and small throughout the U.S.
Read more: 2023 Tech Industry Market Report
Find Your Perfect Employment Solutions Match
As the tech industry continues to show major growth, Computer Futures is ready to help connect the best tech talent with the top companies in the U.S. Whether you’re a tech company or skilled worker looking for your next opportunity, our experts can provide custom employment solutions – no matter where you live. Connect with us today.