With all the headlines about tech layoffs and a possible recession, you might think the tech unemployment rate is steadily creeping upward. However, the latest data from the U.S. Bureau of Labor Statistics (BLS), as analyzed by CompTIA, shows the tech unemployment rate fell to 2 percent in November.
That’s a slight but significant decline from October, when the tech unemployment rate stood at 2.2 percent. “The hotter-than-anticipated tech jobs report confirms there are still many more employers hiring tech talent than shedding it,” Tim Herbert, chief research officer at CompTIA, wrote in a statement accompanying the data. “It’s certainly premature to dismiss concerns over the health of the economy, but this should be a reassuring sign for the tech workforce.”
Tech companies hired 14,400 workers in November, and organizations in all industry sectors added 137,000 tech occupations. Tech sector employment increased by 207,200 between January and November.
Tech occupations that enjoyed significant growth in November included IT services and custom software development (+8,100 jobs), data processing, hosting and related services (+4,100), other information services, including search engines (+2,100), and computer and electronic products manufacturing (+1,900). Top employers included Humana, General Dynamics, Northrop Grumman, Lockheed Martin, Marriott and Apple.
Some of the biggest companies in tech (including many Silicon Valley giants) have announced significant layoffs over the past few months including Twitter, Meta, and Lyft. Executives at these companies have generally positioned the layoffs as a consequence of hyper-growth during the pandemic, when consumers and businesses spent more than ever on cloud-based services. But fears of a recession have diminished consumer and business spending, leading these companies to reduce headcount and shut down projects in order to save costs.
Or as DoorDash CEO Tony Xu put it after announcing layoffs of 1,250 workers last week: “While our business continues to grow fast, given how quickly we hired, our operating expenses—if left unabated—would continue to outgrow our revenue.”
Beyond these high-profile tech giants, though, it’s clear that organizations everywhere continue to hire technology professionals. If you have in-demand skills, companies need your talent.