If you are working in the IT field, its a great time to hold onto your job for dear life.
Janco Associates, analyzing a U.S. Bureau of Labor Statistics report, noted that 43,200 jobs in the IT sector were lost in August, offsetting any growth in the prior three months.
Total IT employment has grown a measly .5 percent over the past year, the firm said.
“We have seen a significant softening in employment as companies have put the brakes on hiring,” Janco Associates CEO Victor Janulaitis said. When the stock market fell over 500 points, many CIOs were told to hold off any hiring and capital expenditures that were not absolutely necessary.”
The gloomy news in the IT industry is symbolic of the wider job crisis in America: August was the first time in 11 months that payrolls did not rise, according to The New York Times.
And hiring in the IT industry, at least could be put on hold for several more quarters.
With the planning cycles for 2012 in full swing at many companies, Janco is afraid that any new hiring of IT professionals may be put off until the 3rd and 4th quarters of 2012,” Janulaitis said. Not a good sign for anyone. However, there is a bright side as there still is some job growth in the computer system design and related services.”