In recent weeks, technology powerhouses such as Cisco Systems and Intel have announced thousands of job cuts. Firms with steep technology investments, such as the brokerage Charles Schwab, also are slashing payrolls, even after they asked workers to take unpaid vacation days and made other attempts to reduce expenses. Some recruiters and hiring officers predict that the go-slow approach of employers will change in the coming months, assuming the economy improves. In the meantime, the tech sector's troubles have obscured the fact that overall unemployment remains low. In January, the last month for which figures were available, Northern Virginia's unemployment rate hit 1.1 percent, up 0.1 percentage point from the month before.
Unemployment is about as low as it can go.
The national unemployment rate for January was 4.7 percent. But some workers and job placement staffers say they have been mostly treading water since the holiday season. Laura McCarthy, a high-tech recruiter in Herndon, says the number of jobs she's been enlisted to fill is down about 75 percent from this time last year. A lot of companies want to assess their profitability. Congress last year allowed more visa holders into the country for the next three years, a decision that proved controversial with some U.S. technology groups.