First Uptick in Almost Two Years Signals Cautious Optimism for 2024
Alexandria VA, Feb. 7, 2024 – After contracting for 23 consecutive months, IT employment inched up 0.08%, adding 4,400 jobs in January, according to TechServe Alliance, the national trade association for the Technology Staffing and Solutions Industry. On a year-over-year basis, IT employment was down 1.24% with a loss of 66,700 positions. Employment in Engineering was up 2.0% in a year-over-year comparison, adding 55,500 jobs during the same period.
“While one month does not make a trend, the TechServe IT Employment index posted its first positive number in almost two years,” observed Mark Roberts, CEO of TechServe. “While we saw significant month-over-month contraction beginning in the second half of 2022 and continuing through the Spring of 2023, the declines began to moderate during the second half of the year. Over the last few months, we have seen IT employment numbers come in effectively flat. With the economic storm clouds appearing to have largely dissipated, the first actual uptick in IT employment in almost two years is cause for cautious optimism for 2024.”
“Despite the good news, it is important to remember that we are not yet in an environment that will ‘lift all boats.’ Certain tech companies continue to temper their hiring given the over-hiring during the pandemic. Other sectors of the economy are signaling renewed strength and recovery. While challenges persist, this month’s data echoes a narrative of resilience and gradual progress within IT employment,” Roberts added.
