While employment in the overall US economy is growing, we're continuing to lag on the tech side.

‍

In total, technology employment may have shrunk by as many as 37,000 jobs in June 2024. With Temporary Professional Services wiping out modest growth in other areas.

‍

Fraction is tracking technology employment by monitoring these five subsectors in the monthly US Jobs Report:

‍

Telecommunications employment fell by 1300, continuing a long-term trend for that industry.

‍

Hosting + Cloud Infrastructure employment grew by 1000. 

(Computing infrastructure providers, data processing, web hosting, and related services category in Table B-1 of the jobs report)

‍

Web Portals + Information Sites employment also grew, adding around 1100 jobs.  

(Web search portals, libraries, archives, and other information services in Table B-1 of the jobs report)

‍

Computer Software + Consulting employment continues it’s upward trajectory, adding 7400 positions.  

(Computer systems design and related services in Table B-1 of the jobs report)

‍

Temporary Professional Services employment fell by 45,600 - many of these employees work in technology-related roles, underscoring the impact of contract-employment reductions across the space.

(Employment services under Professional and business services in Table B-1 of the jobs report)

‍

Indeed.com also tracks job posting levels across sectors, with their data indexed to Feb 2020:

‍

Indeed is showing job postings relatively flat from May to June of 2024, after experiencing a rapid decline from the highs of early 2022. 

At an index level of 69, job posting levels are 31% below February 2020 levels.

‍

As a reference, here's the long term view of technology employment as measured by BLS data and compiled by Fraction. 

Technology employment has declined after peaking in 2022, with a rebound from the slow decline trend not yet seen in the data.