IT Unemployment Hits 6% ***THERE IS NO SHORTAGE OF US TECH WORKERS!!!***

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Joblessness for IT workers is at its worst since the dot-com bubble burst in the early 2000s, said Victor Janulaitis, Janco’s chief executive. And this time the culprit is AI, he said, which is causing “seismic change” comparable to that seen when personal computers came into wide use.

For software development and IT support, job postings are about 30% fewer than they were before the pandemic, said Nick Bunker, an economist at jobs site Indeed. High-income sectors like technology are also experiencing slower pay growth, Indeed’s wage data shows.

“If you’re someone looking for a job in that space, there are fewer opportunities than there were pre-Covid, and definitely far fewer opportunities than there were in late 2021 when that labor market was red-hot,” Bunker said.

Among the big tech companies announcing layoffs last month, Cisco Systems said it planned to cut its workforce by 7%, or about 6,000 employees. Chip maker Intel also said it would lay off 15,000 employees this year and pause dividends as part of a cost-cutting effort. In July, Intuit said it planned to eliminate about 1,800 employees as it prepares for a hiring spree in its pivot toward AI.

IT workers are also being laid-off elsewhere: General Motors said last month it is cutting more than a thousand employees globally in its software and services division.