While employment in the overall US economy is growing, we're still lagging on the tech side.

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In total, technology employment may have shrunk by as many as 16,000 jobs in May 2024.

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

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Telecommunications employment fell by 2600, continuing a long-term trend for that industry.

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Hosting + Cloud Infrastructure employment grew by 1300.

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

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Web Portals + Information Sites employment was almost flat at -200 on headcount.

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

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Computer Software + Consulting employment grew by 2400 - could this be the beginning of a turnaround?

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

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Temporary Professional Services employment fell by 16,600 - 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)

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

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

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

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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.