Amidst a turbulent job market and rising inflation, new data is showing that tech workers in the U.S. are experiencing a drop in salaries.

Hired’s 2023 State of Tech Salaries report has revealed that while those seeking tech jobs in the U.S. seemed to maintain their salary expectations, once this figure is adjusted for inflation the reality is that salaries have dipped to their lowest point in five years.

Why U.S. tech salaries have declined