Technology Snapshot

02 Aug 22

After Boom in 2021, Technology Is Cooling Off

Technology Labor Market Snapshot

Employment Trends in Technology

After strong growth in Q1, information (the BLS category that best reflects technology jobs) gained a modest 7,000 jobs in August. The tech sector is still one the largest parts of the U.S. economy, but higher interest rates and weakened consumer demand have lowered the appetite for hiring over the summer months. The BLS category “Professional and Business Services,” which also includes tech related jobs like engineers and scientists, added a robust 68,000 jobs in August.

Wage Trends in Technology

Average hourly earnings have been especially high in the tech sector. Non-managers in both engineering and software development have had steady gains. Engineers are at $41.54 an hour, and software developers at $43.08. The earnings gap between managers and “rank-and-file” workers continues to widen, with software managers earning $51.56 an hour and engineering managers $48.45.

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