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Has Manhattan IT Job Market Bottomed Out?
INFORMATION TECHNOLOGY JOB MARKET SHOWS SLOWING DECLINE IN MANHATTAN, SMALLER WESTCHESTER DECLINE THAN ELSEWHERE, NEW PACE U. REPORT FINDS
New York, NY – May 12, 2009 – The rates of decline in information technology job openings slowed in Manhattan, according to the first quarter Pace/SkillPROOF IT Job Index Report (PSII), out today.
A decline was more pronounced in Westchester County, but even there the IT job market performed significantly better than the IT market in other areas of the New York Metropolitan region, where demand for IT professionals has decreased by more than 60 percent. By comparison, the 31 percent decrease in Westchester appears moderate, according to the new report, even if the Westchester PSII drop of 31 percentage points, from 53 to 37, was the greatest decline since the index was launched in 2006.
Although the labor market for IT professionals in Manhattan followed the general trend of decline, it did so to a much lesser degree. The index dropped from 44 to 42, a relatively insignificant decline, which the data’s analyst, professor Farrokh Hormozi, says should be cause for optimism.
The PSII is a composite index produced by Pace that provides a snapshot of IT job openings at major firms in separate reports for Manhattan and Westchester County. The 11 standard IT job categories are those defined by the U.S. Bureau of Labor Statistics.
In Manhattan, of the 11 standardized categories tracked by this report, the smallest drop in demand was in that for IT Managers; the largest was for Software Engineers, Applications. A promising note is the fact that the end tail of each graph in the report is flat, indicating that the decline in both categories may have bottomed out.
In Westchester, Software Engineers, Applications also had the healthiest increase this quarter, followed by Systems Analysts. On the opposite end of the spectrum, Computer Scientists, Research dropped more than 20 percent.
The reports are available at www.pace.edu/PSII.
The Index partners. The PSII was developed and is calculated by Hormozi, a professor of economics and public administration in Pace University’s Dyson College of Arts and Sciences. It is based on labor market data showing actual, listed openings that is provided by Henning Seip of SkillPROOF, Inc. The index is produced under the auspices of Pace’s Seidenberg School of Computer Science and Information Systems. www.seidenberg.pace.edu
For 103 years Pace University has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, Lienhard School of Nursing, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu
SkillPROOF Inc. is a technology firm specializing in job market research. Headquartered in Bridgeport, Connecticut, since 2003 it has tracked and analyzed job openings from brand name employers in the United States, using proprietary Internet technology. www.skillproof.com