US Employment’s Economic Outlook:
The economy in 2012 has been difficult for many – and that difficulty has been reflected in hiring trends. While software engineers have continued to be in high demand, the trend towards lower unemployment and increased hiring will certainly help the tech industry too.
The recession has hurt, but companies have found ways to work through it. According to Moody’s Analytics, “US companies are in especially good shape. They significantly lowered their costs structures during the recession, and have kept unit labor costs unchanged since the downturn. Profit margins thus expanded and lower interest rates have allowed firms to lighten their debts and generate cash. Banks are also well positioned for growth, since they raised hundreds of billions in new capital and adhered to tighter underwriting standards, improving credit conditions. While household balance sheets have not uniformly improved, the debt service burden – the proportion of after-tax income needed to stay current on outstanding debt – will soon be at record lows.“
The US Department of Labor also predicts an increase in job creation and lower unemployment by the end of next year: “Resolution of the political debate over taxes and spending should lead to a brighter picture in 2013. As GDP picks up in the second half, net job creation will push toward the 2 million mark for the year – a modest but significant increase from the 1.8 million expected for 2012. Moreover, the unemployment rate, still uncomfortably high at 7.7% in November, will head lower, to the neighborhood of 7.5% by December 31, 2013.”
Tech Job Growth:
Whitetruffle has certainly noticed the high demand for mobile developers. Over 20% of the active positions on our site are for mobile developers – and the number of people to fill those positions is limited. David Foote, CEO and chief research officer at Foote Partners LLC, an IT research firm in Vero Beach, Florida, agrees: “Java is making a big comeback, yet Java programmers can’t find jobs. Employers are looking at more than skills. It’s Java applied to mobile apps or big data or retail. It’s knowing how to make people more likely to spend money [online] or how to build an online presence along with C++ and Python.”
New Graduates/Entry Level Candidates:
Employers expect to hire 13 percent more new college graduates from the Class of 2013 than they did from the Class of 2012, Early projections show employers plan to target business-, engineering-, and computer-related degrees at the bachelor’s level during the 2012-13 college recruiting season according to the National Association of Colleges and Employers’ Job Outlook 2013 survey.
Next year, especially the second half, looks to be a year of growth and opportunity. We look forward to connecting even more people with the right jobs in 2013.