This is a historic divergence: The ratio of the S&P 500 Information Technology sector to the S&P 500 index is up to a record 0.87. This ratio has risen +50% since the 2022 bear market low. Meanwhile, the number of employees in the information technology sector relative to total US nonfarm payrolls is down to 0.02, an all-time low. Since 2022, this figure has declined -15% as the number of tech payrolls has dropped. Over this period, the number of employees in tech has fallen -342,000, to 2.77 million, the lowest since February 2021. Information sector payrolls have now declined for 16 consecutive months, the longest streak since the 2008 Financial Crisis. The gap between the market and the economy has rarely been this wide.

This is a historic divergence:

The ratio of the S&P 500 Information Technology sector to the S&P 500 index is up to a record 0.87.

This ratio has risen +50% since the 2022 bear market low.

Meanwhile, the number of employees in the information technology sector relative to total US nonfarm payrolls is down to 0.02, an all-time low.

Since 2022, this figure has declined -15% as the number of tech payrolls has dropped.

Over this period, the number of employees in tech has fallen -342,000, to 2.77 million, the lowest since February 2021.

Information sector payrolls have now declined for 16 consecutive months, the longest streak since the 2008 Financial Crisis.

The gap between the market and the economy has rarely been this wide.