Employment in the U.S. information technology (IT) sector expanded by an estimated 8,500 new workers in March, according to CompTIA, a trade association for the global IT industry.
The other component of IT employment – positions with employers across all other industry sectors throughout the economy – lost an estimated 19,000 jobs last month, according to CompTIA’s analysis of employment data released today by the U.S. Bureau of Labor Statistics. #JobsReport
“At this point we simply do not know how the crisis will play out in the labor market,” said Tim Herbert, executive vice president for research and market intelligence at CompTIA. “On the one hand, reliance on technology grows by the day and the professionals that support networks, remote work, e-commerce, cybersecurity, and related, are more critical than ever. On the other, historical precedent reminds us that no category of employment is immune to severe downturns.”
The unemployment rate for IT occupations stood at 2.4% last month. In the past 20 years, there were two periods when unemployment rates spiked for IT occupations. Most recently during the 2008-2010 financial crisis, IT occupation unemployment reached 6.5%. A similar rate was reached back during the dot.com crash of 2000-2002.
Overall, U.S. employment fell by 701,000 positions as the economy felt the growing effects of COVID-19. Restaurants and bars took the brunt of the March job losses (-417,400). Temporary help services (-49,500), retail (-46,200), hotels and accommodations (-28,900) and child day care centers (-18,600) were also hard hit.