The unemployment rate for tech occupations crept up to 2.3 percent in August, according to a new analysis of data from the U.S. Bureau of Labor Statistics (BLS).
That’s a notable uptick from July, when the tech unemployment rate stood at 1.7 percent. Tech companies added 25,500 net new workers last month, while companies throughout the broader economy added roughly 21,000 technologists.
“Stability in tech hiring continues to be an over-arching theme this year,” Tim Herbert, chief research officer at CompTIA, wrote in a statement accompanying the data. “Despite all the economic noise and pockets of layoffs, aggregate tech hiring remains consistently positive.”
Employers also remain hungry for remote workers, with postings for remote tech jobs up 56 percent year-over-year (and up 281 percent over 2019, before the pandemic began). Various tech sectors enjoyed significant growth, including IT services and custom software (expanded by 14,400 workers), computer and electronics manufacturing (up 4,500 workers), and data processing, hosting and related services (up by 3,200 workers).
Yet again, the BLS paints a more optimistic picture of the hiring landscape than the headlines would suggest. Over the past few months, a number of tech giants have announced hiring freezes or layoffs, including Oracle and Snap. Many of these larger companies spent quite a bit on personnel and infrastructure over the past decade; now, faced with a possible recession and the need to maintain spending on crucial projects, their executives are making the decision to slow hiring or cut headcount.
Smaller startups in highly specialized industries such as fintech have also cut workers. Despite all that scary news, however, it’s clear that hundreds of companies throughout the broader economy still need technologists with a variety of skills, from building websites to ensuring the security of the tech stack, to keep things running. With the right skills and experience, you can still find a job that fits your needs.