Tech layoffs continued to dip in May.

Layoffs.fyi, which crowdsources layoff data from a number of sources (and is widely cited as accurate by various media outlets), shows that tech layoffs have steadily declined since their high in January 2023. Take a look at the chart:

What’s potentially behind this dip? Some of the biggest companies in tech—including Meta, Microsoft, and Amazon—announced layoffs at the very end of 2022 and the beginning of this year. With those actions complete, the overall pace of layoffs couldn’t sustain itself; based on layoffs.fyi’s breakdown, many of the current layoffs are taking place at smaller companies, with fewer employees cut.

Despite Big Tech’s recent burst of layoffs, the tech unemployment rate has remained relatively steady over the past six months. According to an analysis of U.S. Bureau of Labor Statistics (BLS) data by CompTIA, the tech unemployment rate climbed slightly to 2.3 percent in April, and the broader tech sector gained roughly 18,795 positions (which CompTIA claimed was the “largest volume of monthly hiring since August 2022”). While all the headlines about layoffs have been ubiquitous and scary, companies across the economy have been in a hiring mood, hungry for all kinds of tech talent—including data scientists, experts in A.I. and machine learning, and other specialists.

And while some aspects of the economy remain uncertain, that hiring optimism persists: some 71 percent of HR professionals recently surveyed by CompTIA said they were hiring for growth, while 52 percent were continuing to backfill hire. “Hiring continues to be driven by the pursuit of cutting-edge skills that can help organizations gain or maintain their competitive edge,” added the organization’s Workforce and Learning Trends 2023 report. Even as the biggest tech companies trim staff and adjust their corporate structures, smaller rivals are building up their workforces.