IT Workforce Vanishes

Nearly 10% of the IT workforce vanished in the last two months of 2002, an
InformationWeek analysis of Bureau of Labor Statistics data shows. Some
272,530 Americans who considered themselves IT professionals in October no
longer did so in December, as the IT workforce fell to 2.6 million.

Where did they go? Many likely got jobs in other professions. "A large
percentage of IT workers are shell-shocked by the unexpected high
unemployment rate," says Tom Fullerton, an associate professor of economics
at the University of Texas-El Paso. "IT skills are transferable to other
segments of the economy." IT joblessness stood at 5.6% in December. The
workforce includes those employed and the unemployed looking for IT jobs.


Nearly all those leaving the IT workforce--all but 5,066--were age 40 or
younger. University of North Carolina finance professor James Smith says
younger IT workers are less tied to the profession and more willing to
accept jobs in other fields where they might get lower salaries but enjoy
better prospects.