The economy may be bouncing back, but the IT job market is lagging behind. So says “America’s High Tech Bust,” a September 2004 report from the Center for Urban Economic Development of the University of Illinois at Chicago. Authors Snigdha Srivastava and Nik Theodore found that the discrepancy between the rapidly growing economy and the sluggish labor market is especially pronounced in the IT industry.

Nationally, between March 2001 and April 2004, the last month for which data was available, the IT industry lost a whopping 403,300 jobs, 200,300 of which disappeared after the recession was officially declared over, according to the report.

While there isn’t much current and reliable information on the extent of job losses resulting from offshore outsourcing, there is little doubt that it has contributed to soaring unemployment rates in the industry, the report states.

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