CFOs Sour on US Economy – IT Hiring Anemic in November

CFOs and CIO drive Anemic IT Hiring Trend in November

IT job market growth is only 400 job in November, 4,300 in the last 3 months and 70,700 jobs in the last 12 months…

Most CIOs report to CFOs and that is what is driving anemic IT hiring.  In a 2013 FALL CFO Survey found that 24% of all US CFOs said funding for government generated activities and replacing January 1, 2014 sequester revenues are reducing their confidence in the current recovery.

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The latest BLS unemployment rate has gone down, but the data paints a grim picture for the IT job market.  Only 400 IT jobs were added in November and in the last 12 months only 70,700 jobs were created.  The CEO of Janco Associates, Mr. Victor Janulaitis said, “The employment data is not as good as the fall in the national unemployment rate suggests and it seems to be worse for IT Pros.  If you factor in the participation rate, the true national unemployment rate would be around 11.8%.  Janulaitis added, “That data is causing many companies to consider wither they should expand IT staffs.  Based recent interviews of 104 CIOs in the last two weeks, we see that CIOs have become more cautious as have their companies.   Janulaitis said, “Add to the employment data the upcoming January 1st sequester cuts and the uncertainties caused by the status of the recovery it is easy to understand the reasons why prospects for an improved job market are not great.”

Author: Victor Janulaitis

M. Victor Janulaitis is the CEO of Janco Associates. He has taught at the USC Graduate School of Business, been a guest lecturer at the UCLA's Anderson School of Business, a Graduate School at Harvard University, and several other universities in various programs.