Layoff rates for contingent workers over the last six months rose to 8.3% from 6.9%; however, they appear to be trending downward after reaching a four-year high in the fourth quarter, according to the “Spring 2023 US Labor Market Report” released this week by Magnit, a provider of VMS and MSP.

At the same time, the voluntary termination rate declined to an all-time low of just 12.6% in the first quarter — less than half of what it was during the Great Resignation (29.1%).

The report also looked at tech hiring, wage growth and other issues.

Other key takeaways from the report cited by Magnit:

• Despite the recent tech-sector layoffs, demand for tech roles across industries is rising as organizations across sectors are increasing their reliance on IT and technology. Hiring for tech roles as a percentage of total hires saw the largest quarter-over-quarter increase in the first quarter at 34%. This is for all workers, contingent and noncontingent.
• Year-over-year wage growth averaged 3.5% over the past 12 months, while inflation averaged 7.5% among all workers.

Magnit’s report uses proprietary algorithms that aggregate, cleanse, anonymize and analyze data from a variety of internal and external sources, including hundreds of client programs. The company manages data on hundreds of thousands of workers across over 51,000 unique roles.