Home Dice Tech unemployment drops to 1.8%, topping overall numbers

Tech unemployment drops to 1.8%, topping overall numbers

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The unemployment rate for technology occupations fell to 1.8% in June, a notable drop from 2.1% in May.

The tech unemployment rate is also well below the overall national unemployment rate of 3.6%. According to CompTIA, which analyzed data from the U.S. Bureau of Labor Statistics (BLS), employers posted some 505,663 tech jobs open in June, a 62% year-over-year increase.

“The stronger-than-expected job gains reaffirm the essential role of technology in all sectors and businesses in the economy,” wrote Tim Herbert, director of research at CompTIA, in a statement accompanying the data. “It also highlights the limitations of projecting company-specific hiring practices to the entire tech workforce.”

In other words, some of the pessimistic headlines you may have seen lately — big companies like Meta slowing down or freezing hiring, Tesla triggering layoffs — aren’t necessarily indicative of the tech industry as a whole. . Although some companies are facing significant headwinds due to their strategic focus or revenue stream (it’s been a tough few months for cryptocurrency-related businesses, for example), organizations all over the world still need lots of technologists for everything from managing websites to ensuring the tech stack is safe from internal and external threats.

It’s also worth noting that the need for technologists extends far beyond the tech industry itself. Virtually every sector of the economy, from agriculture to manufacturing, needs technologists who can do all kinds of things. Given the general reliance on data analytics and cloud-based applications, virtually every organization has a significant technology aspect.

Strong demand for certain technical roles has also helped boost compensation. The recent Stack Overflow Developer Survey showed that technologists who specialize in “hot” technologies such as cloud, blockchain, cybersecurity and data can drive salaries down to six figures. According to Dice‘s most recent salary report, the average salary for technologists currently stands at $104,566, with a 6.9% increase between 2020 and 2021; for specializations such as database administrator and systems architect, the pay climbs even higher.

Of course, organizations don’t hire just anyone; To land these top positions, you’ll need the right combination of experience and skills. But for technologists who have mastered their craft, there are likely to be good career opportunities.