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There is an employment recession in the US Information sector.The Information industry shed -23,000 jobs in August, bringing employment down to 2.75 million, its lowest since the 2020 pandemic.
The Information sector includes software publishing, data processing and computing infrastructure, web search, telecom, broadcasting, publishing, and other information services.
Excluding 2020, this is the lowest reading since April 2015.
Since the November 2022 peak, Information employment has contracted -270,000, or -12%.
By comparison, during the 2008 Financial Crisis and its aftermath, employment in this industry also fell -12%, or -350,000 jobs.
AI is increasingly replacing skilled human labor across parts of the Information sector.
📎 KobeissiLetter
