U.S. IT Employment Drops to 2.8 Million, Lowest Since 2020
U.S. IT employment has dropped below 2.8 million, marking the lowest level since 2020. Over 300,000 jobs have been lost since 2022. The decline mirrors the scale seen during the 2008 financial crisis.
dallasfed.orgS. 8 million for the first time since 2020, according to data reported by @FirstSquawk. More than 300,000 IT positions in the United States have been lost since 2022, reflecting a significant contraction in the sector.
IT jobs is similar in scale to the employment decline experienced during the financial crisis. That financial crisis occurred in 2008, providing historical context for the ongoing reductions in IT employment.
Key Facts
Story Timeline
4 events- 2026-05-03
U.S. IT jobs fell below 2.8 million for the first time since 2020.
1 source@FirstSquawk - Since 2022
Over 300,000 U.S. IT jobs were lost.
1 source@FirstSquawk - 2020
U.S. IT jobs last fell below 2.8 million.
1 source@FirstSquawk - 2008
Financial crisis occurred, with similar drop in jobs.
1 source@FirstSquawk
Potential Impact
- 01
Increased unemployment in tech-related fields.
- 02
Potential further contraction in IT sector employment.
- 03
Broader economic parallels to 2008 crisis effects.
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