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Tech Unemployment Hit 2.1 Percent in May, a Slight Uptick

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Tech Unemployment Hit 2.1 Percent in May, a Slight Uptick

The unemployment fee for tech occupations hit 2.1 % in Could, a slight uptick from earlier months. Total, the nationwide unemployment fee stood at 3.6 %.

Employers posted some 623,627 tech positions in Could, representing a year-over-year enhance of 52 %. “The info speaks to the broad-based nature of the tech workforce,” stated Tim Herbert, chief analysis officer at CompTIA, which analyzed the info. “It additionally speaks to the numerous components affecting employment and conditions the place sectors or corporations easing up on hiring could also be offset by sectors or corporations growing hiring.”

In March, the tech unemployment fee stood at 1.4 %. The following month, it crept up barely to 1.7 %. By historic requirements, although, the tech unemployment fee stays notably low. Each “conventional” tech hubs akin to Silicon Valley and smaller cities throughout the U.S. have loved important tech-job progress over the previous a number of quarters.

Salaries for tech positions additionally stay sturdy. The common tech wage now stands at $104,566, in line with the most up-to-date Nesta Tech Wage Report, having risen 6.9 % between 2020 and 2021. For extremely specialised (and in-demand) roles akin to knowledge scientist and machine-learning specialist, general compensation can climb nonetheless larger, particularly at bigger corporations with a large price range for expertise.

In case you’ve been studying the information, you’ve little doubt observed a handful of tech corporations enacting hiring freezes or layoffs. Tesla CEO Elon Musk, for instance, simply introduced that he would minimize his firm’s headcount by 10 % and freeze hiring. However the newest unemployment fee underscores how, regardless of some enterprise slowdowns, many organizations are persevering with to aggressively rent technologists. Regardless of the present market, organizations in all places will all the time want technologists to construct apps, keep tech stacks, produce web sites, analyze knowledge, and different must-have tech capabilities. In case you’ve mastered an in-demand skill-set, likelihood is good you could find a job you need.

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