The short version
Business investment in software reached $809 billion a year in the second quarter of 2026, up 75% since the end of 2019. Employment at IT services firms is 128,000 below its March 2023 peak. Job openings in the information sector are below 2019 levels , and less than half their 2022 average. Unemployment in the information industry is 5.3% , against 4.3% for all workers. In 2019 the two were level. $809B
Business investment in software, annual rate, the second quarter of 2026
−128K
Jobs at IT services firms since the March 2023 peak
88K
Monthly information-sector openings, the first eight months of 2026 (average)
5.3%
Information-industry unemployment, against 4.3% for all workers
1 · Spending
Businesses are buying more software than ever US businesses invested $809 billion in software in the second quarter of 2026, measured at an annual rate. At the end of 2019 the figure was $462 billion. That is 75% more. Measured as a yearly average, it has risen every year since 2015.
Measured in constant 2017 dollars, the rise is 98%. By the government's measure, then, businesses are getting more software for each dollar, and the price of software fell about 11% over the period. That measure adjusts for what the software does, so it is not a record of what customers pay at renewal.
US business investment in software
Billions of dollars, seasonally adjusted annual rate, quarterly
US business investment in software Quarterly, billions of dollars at a seasonally adjusted annual rate. $809 billion in the second quarter of 2026, against $462 billion at the end of 2019. $200B $400B $600B $800B $1,000B 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 2026 End of 2019: $462B $963B in 2017 dollars In 2017 dollars, 2015-01: $297B In 2017 dollars, 2015-04: $302B In 2017 dollars, 2015-07: $305B In 2017 dollars, 2015-10: $314B In 2017 dollars, 2016-01: $326B In 2017 dollars, 2016-04: $335B In 2017 dollars, 2016-07: $346B In 2017 dollars, 2016-10: $355B In 2017 dollars, 2017-01: $366B In 2017 dollars, 2017-04: $376B In 2017 dollars, 2017-07: $389B In 2017 dollars, 2017-10: $401B In 2017 dollars, 2018-01: $414B In 2017 dollars, 2018-04: $429B In 2017 dollars, 2018-07: $441B In 2017 dollars, 2018-10: $452B In 2017 dollars, 2019-01: $450B In 2017 dollars, 2019-04: $459B In 2017 dollars, 2019-07: $470B In 2017 dollars, 2019-10: $487B In 2017 dollars, 2020-01: $503B In 2017 dollars, 2020-04: $501B In 2017 dollars, 2020-07: $509B In 2017 dollars, 2020-10: $530B In 2017 dollars, 2021-01: $559B In 2017 dollars, 2021-04: $580B In 2017 dollars, 2021-07: $595B In 2017 dollars, 2021-10: $614B In 2017 dollars, 2022-01: $646B In 2017 dollars, 2022-04: $668B In 2017 dollars, 2022-07: $682B In 2017 dollars, 2022-10: $702B In 2017 dollars, 2023-01: $704B In 2017 dollars, 2023-04: $709B In 2017 dollars, 2023-07: $718B In 2017 dollars, 2023-10: $735B In 2017 dollars, 2024-01: $754B In 2017 dollars, 2024-04: $762B In 2017 dollars, 2024-07: $766B In 2017 dollars, 2024-10: $777B In 2017 dollars, 2025-01: $814B In 2017 dollars, 2025-04: $867B In 2017 dollars, 2025-07: $873B In 2017 dollars, 2025-10: $878B In 2017 dollars, 2026-01: $932B In 2017 dollars, 2026-04: $963B $809B actual dollars Actual dollars, 2015-01: $311B Actual dollars, 2015-04: $313B Actual dollars, 2015-07: $317B Actual dollars, 2015-10: $325B Actual dollars, 2016-01: $336B Actual dollars, 2016-04: $343B Actual dollars, 2016-07: $352B Actual dollars, 2016-10: $361B Actual dollars, 2017-01: $369B Actual dollars, 2017-04: $379B Actual dollars, 2017-07: $387B Actual dollars, 2017-10: $396B Actual dollars, 2018-01: $407B Actual dollars, 2018-04: $420B Actual dollars, 2018-07: $429B Actual dollars, 2018-10: $436B Actual dollars, 2019-01: $433B Actual dollars, 2019-04: $443B Actual dollars, 2019-07: $452B Actual dollars, 2019-10: $462B Actual dollars, 2020-01: $473B Actual dollars, 2020-04: $470B Actual dollars, 2020-07: $475B Actual dollars, 2020-10: $495B Actual dollars, 2021-01: $510B Actual dollars, 2021-04: $528B Actual dollars, 2021-07: $539B Actual dollars, 2021-10: $555B Actual dollars, 2022-01: $577B Actual dollars, 2022-04: $596B Actual dollars, 2022-07: $611B Actual dollars, 2022-10: $620B Actual dollars, 2023-01: $632B Actual dollars, 2023-04: $632B Actual dollars, 2023-07: $638B Actual dollars, 2023-10: $651B Actual dollars, 2024-01: $664B Actual dollars, 2024-04: $680B Actual dollars, 2024-07: $694B Actual dollars, 2024-10: $705B Actual dollars, 2025-01: $723B Actual dollars, 2025-04: $745B Actual dollars, 2025-07: $763B Actual dollars, 2025-10: $775B Actual dollars, 2026-01: $791B Actual dollars, 2026-04: $809B
Source: Bureau of Economic Analysis, via FRED (B985RX1Q020SBEA, B985RC1Q027SBEA). 2 · People
The firms that build it employ fewer people Computer systems design and related services is the industry of IT consultancies, systems integrators, custom developers and managed service providers. It added more than 600,000 jobs between January 2015 and its peak of 2.48 million in March 2023.
Since then it has shed 128,000. In September 2026 it employed 2.36 million people, about the level of October 2021.
Employment in computer systems design and related services
Millions of employees, seasonally adjusted, monthly
Employment in computer systems design and related services Monthly, seasonally adjusted. Peaked at 2.48 million in March 2023; 2.36 million in September 2026. 1.6M 1.8M 2.0M 2.2M 2.4M 2.6M 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 2026 Peak, Mar 2023: 2.48M 2.36M Sep 2026 Employees, 2015-01: 1.9M Employees, 2015-02: 1.9M Employees, 2015-03: 1.9M Employees, 2015-04: 1.9M Employees, 2015-05: 1.9M Employees, 2015-06: 1.9M Employees, 2015-07: 1.9M Employees, 2015-08: 1.9M Employees, 2015-09: 1.9M Employees, 2015-10: 1.9M Employees, 2015-11: 2.0M Employees, 2015-12: 2.0M Employees, 2016-01: 2.0M Employees, 2016-02: 2.0M Employees, 2016-03: 2.0M Employees, 2016-04: 2.0M Employees, 2016-05: 2.0M Employees, 2016-06: 2.0M Employees, 2016-07: 2.0M Employees, 2016-08: 2.0M Employees, 2016-09: 2.0M Employees, 2016-10: 2.0M Employees, 2016-11: 2.0M Employees, 2016-12: 2.0M Employees, 2017-01: 2.0M Employees, 2017-02: 2.0M Employees, 2017-03: 2.0M Employees, 2017-04: 2.0M Employees, 2017-05: 2.0M Employees, 2017-06: 2.0M Employees, 2017-07: 2.0M Employees, 2017-08: 2.1M Employees, 2017-09: 2.1M Employees, 2017-10: 2.1M Employees, 2017-11: 2.1M Employees, 2017-12: 2.1M Employees, 2018-01: 2.1M Employees, 2018-02: 2.1M Employees, 2018-03: 2.1M Employees, 2018-04: 2.1M Employees, 2018-05: 2.1M Employees, 2018-06: 2.1M Employees, 2018-07: 2.1M Employees, 2018-08: 2.1M Employees, 2018-09: 2.1M Employees, 2018-10: 2.1M Employees, 2018-11: 2.2M Employees, 2018-12: 2.2M Employees, 2019-01: 2.2M Employees, 2019-02: 2.2M Employees, 2019-03: 2.2M Employees, 2019-04: 2.2M Employees, 2019-05: 2.2M Employees, 2019-06: 2.2M Employees, 2019-07: 2.2M Employees, 2019-08: 2.2M Employees, 2019-09: 2.2M Employees, 2019-10: 2.2M Employees, 2019-11: 2.2M Employees, 2019-12: 2.2M Employees, 2020-01: 2.2M Employees, 2020-02: 2.2M Employees, 2020-03: 2.2M Employees, 2020-04: 2.2M Employees, 2020-05: 2.2M Employees, 2020-06: 2.2M Employees, 2020-07: 2.2M Employees, 2020-08: 2.2M Employees, 2020-09: 2.2M Employees, 2020-10: 2.2M Employees, 2020-11: 2.2M Employees, 2020-12: 2.2M Employees, 2021-01: 2.2M Employees, 2021-02: 2.2M Employees, 2021-03: 2.3M Employees, 2021-04: 2.3M Employees, 2021-05: 2.3M Employees, 2021-06: 2.3M Employees, 2021-07: 2.3M Employees, 2021-08: 2.3M Employees, 2021-09: 2.3M Employees, 2021-10: 2.4M Employees, 2021-11: 2.4M Employees, 2021-12: 2.4M Employees, 2022-01: 2.4M Employees, 2022-02: 2.4M Employees, 2022-03: 2.4M Employees, 2022-04: 2.4M Employees, 2022-05: 2.5M Employees, 2022-06: 2.5M Employees, 2022-07: 2.5M Employees, 2022-08: 2.5M Employees, 2022-09: 2.5M Employees, 2022-10: 2.5M Employees, 2022-11: 2.5M Employees, 2022-12: 2.5M Employees, 2023-01: 2.5M Employees, 2023-02: 2.5M Employees, 2023-03: 2.5M Employees, 2023-04: 2.5M Employees, 2023-05: 2.5M Employees, 2023-06: 2.5M Employees, 2023-07: 2.5M Employees, 2023-08: 2.5M Employees, 2023-09: 2.5M Employees, 2023-10: 2.5M Employees, 2023-11: 2.5M Employees, 2023-12: 2.4M Employees, 2024-01: 2.4M Employees, 2024-02: 2.4M Employees, 2024-03: 2.4M Employees, 2024-04: 2.4M Employees, 2024-05: 2.4M Employees, 2024-06: 2.4M Employees, 2024-07: 2.4M Employees, 2024-08: 2.4M Employees, 2024-09: 2.4M Employees, 2024-10: 2.4M Employees, 2024-11: 2.4M Employees, 2024-12: 2.4M Employees, 2025-01: 2.4M Employees, 2025-02: 2.4M Employees, 2025-03: 2.4M Employees, 2025-04: 2.4M Employees, 2025-05: 2.4M Employees, 2025-06: 2.4M Employees, 2025-07: 2.4M Employees, 2025-08: 2.4M Employees, 2025-09: 2.4M Employees, 2025-10: 2.4M Employees, 2025-11: 2.4M Employees, 2025-12: 2.4M Employees, 2026-01: 2.4M Employees, 2026-02: 2.4M Employees, 2026-03: 2.4M Employees, 2026-04: 2.4M Employees, 2026-05: 2.4M Employees, 2026-06: 2.4M Employees, 2026-07: 2.4M Employees, 2026-08: 2.4M Employees, 2026-09: 2.4M Source: Bureau of Labor Statistics, Current Employment Statistics, via FRED (CES6054150001). 3 · Hiring
Openings have fallen below where they were in 2019 The information sector, which includes software publishers, data processing and hosting, and telecommunications, posted an average of 224,000 job openings a month in 2022. In 2019 the average was 141,000. In the first eight months of 2026 it was 88,000.
Monthly openings swing with the seasons, so the chart shows a 12-month average. It peaked at 238,000 in November 2022 and stood at 94,000 in August 2026.
Job openings in the information sector
Thousands, 12-month average of monthly figures, not seasonally adjusted
Job openings in the information sector, 12-month average Thousands, 12-month average of monthly figures, not seasonally adjusted. Peaked at 238,000 in November 2022; 94,000 in August 2026. 0K 50K 100K 150K 200K 250K 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 2026 Peak, Nov 2022: 238K 2019: 141K 94K Aug 2026 Openings, 12-month average, 2015-01: 108K Openings, 12-month average, 2015-02: 110K Openings, 12-month average, 2015-03: 110K Openings, 12-month average, 2015-04: 110K Openings, 12-month average, 2015-05: 109K Openings, 12-month average, 2015-06: 110K Openings, 12-month average, 2015-07: 112K Openings, 12-month average, 2015-08: 112K Openings, 12-month average, 2015-09: 113K Openings, 12-month average, 2015-10: 115K Openings, 12-month average, 2015-11: 111K Openings, 12-month average, 2015-12: 111K Openings, 12-month average, 2016-01: 111K Openings, 12-month average, 2016-02: 108K Openings, 12-month average, 2016-03: 106K Openings, 12-month average, 2016-04: 104K Openings, 12-month average, 2016-05: 104K Openings, 12-month average, 2016-06: 103K Openings, 12-month average, 2016-07: 99K Openings, 12-month average, 2016-08: 96K Openings, 12-month average, 2016-09: 95K Openings, 12-month average, 2016-10: 93K Openings, 12-month average, 2016-11: 93K Openings, 12-month average, 2016-12: 91K Openings, 12-month average, 2017-01: 90K Openings, 12-month average, 2017-02: 87K Openings, 12-month average, 2017-03: 87K Openings, 12-month average, 2017-04: 88K Openings, 12-month average, 2017-05: 88K Openings, 12-month average, 2017-06: 90K Openings, 12-month average, 2017-07: 92K Openings, 12-month average, 2017-08: 95K Openings, 12-month average, 2017-09: 96K Openings, 12-month average, 2017-10: 96K Openings, 12-month average, 2017-11: 97K Openings, 12-month average, 2017-12: 100K Openings, 12-month average, 2018-01: 103K Openings, 12-month average, 2018-02: 109K Openings, 12-month average, 2018-03: 113K Openings, 12-month average, 2018-04: 119K Openings, 12-month average, 2018-05: 121K Openings, 12-month average, 2018-06: 123K Openings, 12-month average, 2018-07: 126K Openings, 12-month average, 2018-08: 128K Openings, 12-month average, 2018-09: 129K Openings, 12-month average, 2018-10: 133K Openings, 12-month average, 2018-11: 137K Openings, 12-month average, 2018-12: 137K Openings, 12-month average, 2019-01: 139K Openings, 12-month average, 2019-02: 139K Openings, 12-month average, 2019-03: 141K Openings, 12-month average, 2019-04: 136K Openings, 12-month average, 2019-05: 136K Openings, 12-month average, 2019-06: 136K Openings, 12-month average, 2019-07: 136K Openings, 12-month average, 2019-08: 135K Openings, 12-month average, 2019-09: 140K Openings, 12-month average, 2019-10: 140K Openings, 12-month average, 2019-11: 141K Openings, 12-month average, 2019-12: 141K Openings, 12-month average, 2020-01: 140K Openings, 12-month average, 2020-02: 140K Openings, 12-month average, 2020-03: 138K Openings, 12-month average, 2020-04: 139K Openings, 12-month average, 2020-05: 134K Openings, 12-month average, 2020-06: 131K Openings, 12-month average, 2020-07: 126K Openings, 12-month average, 2020-08: 122K Openings, 12-month average, 2020-09: 117K Openings, 12-month average, 2020-10: 115K Openings, 12-month average, 2020-11: 112K Openings, 12-month average, 2020-12: 111K Openings, 12-month average, 2021-01: 115K Openings, 12-month average, 2021-02: 113K Openings, 12-month average, 2021-03: 112K Openings, 12-month average, 2021-04: 113K Openings, 12-month average, 2021-05: 118K Openings, 12-month average, 2021-06: 122K Openings, 12-month average, 2021-07: 135K Openings, 12-month average, 2021-08: 144K Openings, 12-month average, 2021-09: 152K Openings, 12-month average, 2021-10: 159K Openings, 12-month average, 2021-11: 167K Openings, 12-month average, 2021-12: 178K Openings, 12-month average, 2022-01: 183K Openings, 12-month average, 2022-02: 195K Openings, 12-month average, 2022-03: 208K Openings, 12-month average, 2022-04: 222K Openings, 12-month average, 2022-05: 229K Openings, 12-month average, 2022-06: 235K Openings, 12-month average, 2022-07: 237K Openings, 12-month average, 2022-08: 237K Openings, 12-month average, 2022-09: 237K Openings, 12-month average, 2022-10: 238K Openings, 12-month average, 2022-11: 238K Openings, 12-month average, 2022-12: 224K Openings, 12-month average, 2023-01: 213K Openings, 12-month average, 2023-02: 204K Openings, 12-month average, 2023-03: 195K Openings, 12-month average, 2023-04: 183K Openings, 12-month average, 2023-05: 177K Openings, 12-month average, 2023-06: 170K Openings, 12-month average, 2023-07: 162K Openings, 12-month average, 2023-08: 158K Openings, 12-month average, 2023-09: 147K Openings, 12-month average, 2023-10: 138K Openings, 12-month average, 2023-11: 132K Openings, 12-month average, 2023-12: 137K Openings, 12-month average, 2024-01: 142K Openings, 12-month average, 2024-02: 141K Openings, 12-month average, 2024-03: 141K Openings, 12-month average, 2024-04: 135K Openings, 12-month average, 2024-05: 132K Openings, 12-month average, 2024-06: 128K Openings, 12-month average, 2024-07: 124K Openings, 12-month average, 2024-08: 120K Openings, 12-month average, 2024-09: 122K Openings, 12-month average, 2024-10: 128K Openings, 12-month average, 2024-11: 126K Openings, 12-month average, 2024-12: 123K Openings, 12-month average, 2025-01: 117K Openings, 12-month average, 2025-02: 117K Openings, 12-month average, 2025-03: 115K Openings, 12-month average, 2025-04: 119K Openings, 12-month average, 2025-05: 118K Openings, 12-month average, 2025-06: 119K Openings, 12-month average, 2025-07: 124K Openings, 12-month average, 2025-08: 128K Openings, 12-month average, 2025-09: 128K Openings, 12-month average, 2025-10: 123K Openings, 12-month average, 2025-11: 121K Openings, 12-month average, 2025-12: 121K Openings, 12-month average, 2026-01: 121K Openings, 12-month average, 2026-02: 117K Openings, 12-month average, 2026-03: 114K Openings, 12-month average, 2026-04: 109K Openings, 12-month average, 2026-05: 106K Openings, 12-month average, 2026-06: 103K Openings, 12-month average, 2026-07: 95K Openings, 12-month average, 2026-08: 94K Source: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey, via FRED (JTU5100JOL). 4 · Unemployment
Tech workers are now more likely to be out of work than average Over the 12 months to September 2026, the unemployment rate in the information industry averaged 5.3%. For all workers it averaged 4.3%.
In the 12 months to September 2019 the two rates were level, at 3.8% and 3.7%. In the 12 months to September 2022, the information industry's rate was the lower of the two: 3.4% against 3.8%.
Unemployment rate
Percent, 12-month average of monthly rates, not seasonally adjusted
Unemployment rate, information industry and all workers, 12-month average Percent, 12-month average of monthly rates, not seasonally adjusted. Information industry 5.3% and all workers 4.3% in the 12 months to September 2026. 0% 2% 4% 6% 8% 10% 12% 14% 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 2026 5.3% Information Information industry, 2015-01: 5% Information industry, 2015-02: 5% Information industry, 2015-03: 5% Information industry, 2015-04: 5% Information industry, 2015-05: 4% Information industry, 2015-06: 4% Information industry, 2015-07: 4% Information industry, 2015-08: 4% Information industry, 2015-09: 4% Information industry, 2015-10: 4% Information industry, 2015-11: 4% Information industry, 2015-12: 4% Information industry, 2016-01: 4% Information industry, 2016-02: 4% Information industry, 2016-03: 4% Information industry, 2016-04: 4% Information industry, 2016-05: 4% Information industry, 2016-06: 4% Information industry, 2016-07: 4% Information industry, 2016-08: 4% Information industry, 2016-09: 4% Information industry, 2016-10: 5% Information industry, 2016-11: 5% Information industry, 2016-12: 5% Information industry, 2017-01: 5% Information industry, 2017-02: 5% Information industry, 2017-03: 5% Information industry, 2017-04: 5% Information industry, 2017-05: 4% Information industry, 2017-06: 4% Information industry, 2017-07: 4% Information industry, 2017-08: 4% Information industry, 2017-09: 4% Information industry, 2017-10: 4% Information industry, 2017-11: 4% Information industry, 2017-12: 4% Information industry, 2018-01: 5% Information industry, 2018-02: 4% Information industry, 2018-03: 4% Information industry, 2018-04: 4% Information industry, 2018-05: 4% Information industry, 2018-06: 4% Information industry, 2018-07: 4% Information industry, 2018-08: 4% Information industry, 2018-09: 4% Information industry, 2018-10: 4% Information industry, 2018-11: 4% Information industry, 2018-12: 4% Information industry, 2019-01: 4% Information industry, 2019-02: 4% Information industry, 2019-03: 4% Information industry, 2019-04: 4% Information industry, 2019-05: 4% Information industry, 2019-06: 4% Information industry, 2019-07: 4% Information industry, 2019-08: 4% Information industry, 2019-09: 4% Information industry, 2019-10: 4% Information industry, 2019-11: 4% Information industry, 2019-12: 3% Information industry, 2020-01: 3% Information industry, 2020-02: 3% Information industry, 2020-03: 3% Information industry, 2020-04: 4% Information industry, 2020-05: 4% Information industry, 2020-06: 5% Information industry, 2020-07: 6% Information industry, 2020-08: 6% Information industry, 2020-09: 6% Information industry, 2020-10: 7% Information industry, 2020-11: 7% Information industry, 2020-12: 8% Information industry, 2021-01: 8% Information industry, 2021-02: 8% Information industry, 2021-03: 9% Information industry, 2021-04: 8% Information industry, 2021-05: 8% Information industry, 2021-06: 7% Information industry, 2021-07: 7% Information industry, 2021-08: 6% Information industry, 2021-09: 6% Information industry, 2021-10: 6% Information industry, 2021-11: 6% Information industry, 2021-12: 5% Information industry, 2022-01: 5% Information industry, 2022-02: 5% Information industry, 2022-03: 5% Information industry, 2022-04: 4% Information industry, 2022-05: 4% Information industry, 2022-06: 4% Information industry, 2022-07: 4% Information industry, 2022-08: 3% Information industry, 2022-09: 3% Information industry, 2022-10: 3% Information industry, 2022-11: 3% Information industry, 2022-12: 3% Information industry, 2023-01: 3% Information industry, 2023-02: 3% Information industry, 2023-03: 3% Information industry, 2023-04: 3% Information industry, 2023-05: 3% Information industry, 2023-06: 3% Information industry, 2023-07: 3% Information industry, 2023-08: 3% Information industry, 2023-09: 3% Information industry, 2023-10: 3% Information industry, 2023-11: 3% Information industry, 2023-12: 3% Information industry, 2024-01: 3% Information industry, 2024-02: 3% Information industry, 2024-03: 3% Information industry, 2024-04: 4% Information industry, 2024-05: 4% Information industry, 2024-06: 4% Information industry, 2024-07: 4% Information industry, 2024-08: 5% Information industry, 2024-09: 5% Information industry, 2024-10: 4% Information industry, 2024-11: 4% Information industry, 2024-12: 4% Information industry, 2025-01: 4% Information industry, 2025-02: 5% Information industry, 2025-03: 5% Information industry, 2025-04: 5% Information industry, 2025-05: 5% Information industry, 2025-06: 5% Information industry, 2025-07: 5% Information industry, 2025-08: 4% Information industry, 2025-09: 5% Information industry, 2025-11: 5% Information industry, 2025-12: 5% Information industry, 2026-01: 5% Information industry, 2026-02: 5% Information industry, 2026-03: 5% Information industry, 2026-04: 5% Information industry, 2026-05: 5% Information industry, 2026-06: 5% Information industry, 2026-07: 5% Information industry, 2026-08: 5% Information industry, 2026-09: 5% 4.3% All workers All workers, 2015-01: 6% All workers, 2015-02: 6% All workers, 2015-03: 6% All workers, 2015-04: 6% All workers, 2015-05: 6% All workers, 2015-06: 6% All workers, 2015-07: 6% All workers, 2015-08: 6% All workers, 2015-09: 5% All workers, 2015-10: 5% All workers, 2015-11: 5% All workers, 2015-12: 5% All workers, 2016-01: 5% All workers, 2016-02: 5% All workers, 2016-03: 5% All workers, 2016-04: 5% All workers, 2016-05: 5% All workers, 2016-06: 5% All workers, 2016-07: 5% All workers, 2016-08: 5% All workers, 2016-09: 5% All workers, 2016-10: 5% All workers, 2016-11: 5% All workers, 2016-12: 5% All workers, 2017-01: 5% All workers, 2017-02: 5% All workers, 2017-03: 5% All workers, 2017-04: 5% All workers, 2017-05: 5% All workers, 2017-06: 5% All workers, 2017-07: 5% All workers, 2017-08: 5% All workers, 2017-09: 5% All workers, 2017-10: 4% All workers, 2017-11: 4% All workers, 2017-12: 4% All workers, 2018-01: 4% All workers, 2018-02: 4% All workers, 2018-03: 4% All workers, 2018-04: 4% All workers, 2018-05: 4% All workers, 2018-06: 4% All workers, 2018-07: 4% All workers, 2018-08: 4% All workers, 2018-09: 4% All workers, 2018-10: 4% All workers, 2018-11: 4% All workers, 2018-12: 4% All workers, 2019-01: 4% All workers, 2019-02: 4% All workers, 2019-03: 4% All workers, 2019-04: 4% All workers, 2019-05: 4% All workers, 2019-06: 4% All workers, 2019-07: 4% All workers, 2019-08: 4% All workers, 2019-09: 4% All workers, 2019-10: 4% All workers, 2019-11: 4% All workers, 2019-12: 4% All workers, 2020-01: 4% All workers, 2020-02: 4% All workers, 2020-03: 4% All workers, 2020-04: 5% All workers, 2020-05: 5% All workers, 2020-06: 6% All workers, 2020-07: 7% All workers, 2020-08: 7% All workers, 2020-09: 7% All workers, 2020-10: 8% All workers, 2020-11: 8% All workers, 2020-12: 8% All workers, 2021-01: 8% All workers, 2021-02: 9% All workers, 2021-03: 9% All workers, 2021-04: 8% All workers, 2021-05: 7% All workers, 2021-06: 7% All workers, 2021-07: 7% All workers, 2021-08: 6% All workers, 2021-09: 6% All workers, 2021-10: 6% All workers, 2021-11: 6% All workers, 2021-12: 5% All workers, 2022-01: 5% All workers, 2022-02: 5% All workers, 2022-03: 5% All workers, 2022-04: 5% All workers, 2022-05: 4% All workers, 2022-06: 4% All workers, 2022-07: 4% All workers, 2022-08: 4% All workers, 2022-09: 4% All workers, 2022-10: 4% All workers, 2022-11: 4% All workers, 2022-12: 4% All workers, 2023-01: 4% All workers, 2023-02: 4% All workers, 2023-03: 4% All workers, 2023-04: 4% All workers, 2023-05: 4% All workers, 2023-06: 4% All workers, 2023-07: 4% All workers, 2023-08: 4% All workers, 2023-09: 4% All workers, 2023-10: 4% All workers, 2023-11: 4% All workers, 2023-12: 4% All workers, 2024-01: 4% All workers, 2024-02: 4% All workers, 2024-03: 4% All workers, 2024-04: 4% All workers, 2024-05: 4% All workers, 2024-06: 4% All workers, 2024-07: 4% All workers, 2024-08: 4% All workers, 2024-09: 4% All workers, 2024-10: 4% All workers, 2024-11: 4% All workers, 2024-12: 4% All workers, 2025-01: 4% All workers, 2025-02: 4% All workers, 2025-03: 4% All workers, 2025-04: 4% All workers, 2025-05: 4% All workers, 2025-06: 4% All workers, 2025-07: 4% All workers, 2025-08: 4% All workers, 2025-09: 4% All workers, 2025-11: 4% All workers, 2025-12: 4% All workers, 2026-01: 4% All workers, 2026-02: 4% All workers, 2026-03: 4% All workers, 2026-04: 4% All workers, 2026-05: 4% All workers, 2026-06: 4% All workers, 2026-07: 4% All workers, 2026-08: 4% All workers, 2026-09: 4%
Source: Bureau of Labor Statistics, Current Population Survey, via FRED (LNU04032237, UNRATENSA). What the data does not tell us Why. AI coding tools, the end of pandemic-era hiring, and higher interest rates all overlap in time. These figures cannot separate them, and this report does not try.
Whom it counts. "Information" and "computer systems design" are industries, not occupations: they count everyone those firms employ, and miss technology staff at banks, retailers and other companies. Government series are revised; this edition uses the figures published as of October 14, 2026.
What it means for a technology leader Hiring. Fewer openings and higher unemployment in the industry mean more candidates for each technology role than in 2022.Budgets. Nationally, software investment kept rising through the hiring slowdown: up 8.7% in the year to the second quarter of 2026.Prices. The government's price measure for software fell. It is not a renewal benchmark, but it is a fact worth having when a vendor cites inflation.Figures you can quote
Each with its source US businesses invested $809 billion a year in software in the second quarter of 2026, 75% more than at the end of 2019.
Bureau of Economic Analysis, seasonally adjusted annual rate. CIOPages CIOnomics, Tech Jobs, Q4 2026.
IT services firms employ 128,000 fewer people than at their March 2023 peak.
Bureau of Labor Statistics, September 2026. CIOPages CIOnomics, Tech Jobs, Q4 2026.
Job openings in the information sector averaged 88,000 a month in the first eight months of 2026, down from 224,000 in 2022 and below 2019's 141,000.
Bureau of Labor Statistics. CIOPages CIOnomics, Tech Jobs, Q4 2026.
Unemployment in the information industry is 5.3%, against 4.3% for all workers. In 2019 the two were level.
Bureau of Labor Statistics, the 12 months to September 2026. CIOPages CIOnomics, Tech Jobs, Q4 2026.
By the government's own measure, the price of business software fell about 11% between the end of 2019 and the second quarter of 2026.
Bureau of Economic Analysis, implied by real and nominal software investment. CIOPages CIOnomics, Tech Jobs, Q4 2026.
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Method and sources
How this was put together Every figure comes from a published US government series, downloaded from FRED, the St. Louis Fed's data service, on October 14, 2026. No figure is estimated or modeled. Percentages and averages are computed from the published values. Where monthly figures are not seasonally adjusted, the report uses 12-month averages and says so.
Measure Agency Series Frequency Latest Business investment in software (actual dollars) BEA B985RC1Q027SBEA Quarterly Q2 2026 Business investment in software (2017 dollars) BEA B985RX1Q020SBEA Quarterly Q2 2026 Employment, computer systems design and related services BLS CES6054150001 Monthly Sep 2026 Job openings, information sector BLS JTU5100JOL Monthly Aug 2026 Unemployment rate, information industry BLS LNU04032237 Monthly Sep 2026 Unemployment rate, all workers BLS UNRATENSA Monthly Sep 2026
