Tech Unemployment Rose in November
The U.S. Bureau of Labor Statistics reports that 211,000 jobs were created in November, in-line with analyst expectations. On a national level, that translates into an unemployment rate virtually unchanged at 5.0 percent. In the tech sector, unemployment hit 3.4 percent in November, up from 2.8 percent in October. That’s a notable change from November 2014, when the rate stood at 2.0 percent. Tech consulting added 4,800 positions in the month. Although that was down significantly from November 2014, when the category added 10,000 jobs, this year marked tech consulting’s strongest burst of job creation since 2011. Data processing, hosting, and related services gained 1,000 jobs in November, a reversal from the 600 lost in November, and roughly in line with November 2014, when the category gained 1,600 positions. Computer and electronic product manufacturing lost 600 jobs in November. That’s a reversal of the 1,800 jobs created in the category in November 2014. Factory automation, combined with corporate decisions to move hardware production overseas, has gradually hollowed out a significant portion of the domestic manufacturing industry over the past several years. The unemployment rate for the tech industry fluctuates throughout the year; although it rose in November, there are plenty of signs of a healthy economy—such as a robust rate of voluntary quits.