August Jobs Report: 187K jobs added, tech contributes +21k
Another 187k jobs were added in June's Bureau of Labor Statistics Jobs Report, nearly matching analyst expectations (170k job additions predicted). The big news is the rise in unemployment rate which now sits at 3.8% (versus the predicted 3.5%) and wages went up .2%. Wage growth was a hot topic for this month's report. Too rapid could lead to a risk of reaccelerating inflation which would likely lead the Fed to raise interest rates further. Right now, wage and job growth indicate the economy is holding steady.
In terms of hiring, we're remaining in a "Goldilocks" economy, where growth is not too hot but also not too cool. Those are really good, solid, sustainable numbers that lead to gradual real wage growth, gradual increases in prime-age workforce participation rates and gradual expansion of the overall US workforce.
Professional, scientific and technical services was once again a top performing industry with 21k jobs added and saw a slight hike in its unemployment rate. Here's a look at key tech jobs report insights.
Key Tech Jobs Report Insights
Tech Jobs Added: +21k in Professional, Technical and Scientific Sciences
Tech Unemployment Rate: 2.8% which is up from July
YOY Gains: +308k jobs which averages +25.6k jobs per month
Significant IT Job Openings Expected
As the hiring landscape continues to shift, and work expectations evolve, tech companies across the U.S. will be aggressively looking to hire talent to fill critical roles heading into 2024.
Why are IT professionals leaving their jobs?
- 63% of STEM professionals say 'Continuing to work flexibly" is a factore that will affect their career
- 15% say 'workforce burnout/increasing work-related stress' as their top challenge
- 59% of STEM workers say they 'Only want to work with organizations that align with their personal values'
Approximately 25% of IT professionals are actively considering leaving their current jobs within the next six months, according to a new report. IT professionals are also 1.4 times more likely to disengage from their jobs when compared to other knowledge workers. There is also a 2.5-fold likelihood of longer work hours when working remotely, IT professionals reported.
Where Are The Jobs?
New data shows which U.S. states have the most overall job opportunities and hires. We’re also drilling down which states are hiring the most workers in Professional and Business Services, the sector that includes professional, scientific and tech services. Our analysis found significant hiring in that sector in states across the Midwest, South and Northeast – proving there are opportunities all across the country for tech talent, not just in Silicon Valley.
U.S. STATES WITH INCREASE IN OVERALL JOB OPENINGS
- California +161,000 openings*
- New Jersey +36,000 openings
- Texas +25,000 openings*
- New York +21,000 openings*
- Florida +21,000 openings
Source: BLS June 2023
*States with Computer Futures offices
NEW HIRES IN PROFESSIONAL AND BUSINESS SERVICES
- Florida +6,100 hires
- Kansas +6,000 hires
- Indiana +5,800 hires
- Colorado +5,600 hires
- Pennsylvania +4,800 hires
- Massachusetts +4,300 hires
- Minnesota +2,700 hires
- Louisiana +1,500 hires
- Ohio +1,500 hires
- Iowa +1,200 hires
- North Carolina +1,000 hires
- Idaho +900 hires
- Alabama +800 hires
- Maine +700 hires
- Mississippi +500 hires
Source: BLS July 2023
Read more: When To Work With Tech Recruitment Agency
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