The Bay Area and California experienced sturdy employment gains in January to kick off 2024 — but new data released Friday shows the job market in the nine-county region and statewide was not nearly as strong in 2023 as originally thought.
The Bay Area has added jobs for five consecutive months, including the hiring gains in January, even as thousands of tech workers at major companies such as Meta and Google have faced layoffs. The new jobs report also contained an ominous set of disclosures in the EDD’s annual revision of previous estimates for monthly job totals in California and all of its metro regions, including the Bay Area.“While the job growth in January continues the positive momentum for the region’s economy, which mirrors national trends, the losses in tech and office jobs appear to be larger than first thought,” said Jeff Bellisario, executive director of the Bay Area Council Economic Institute.
“Not only do the revisions show more limited job growth, but also the latest data show a growth in part-time jobs, rather than full-time jobs” in California, said Michael Bernick, an employment attorney with the law firm Duane Morris, and a former director of the state EDD. The tech industry lost a net 1,900 jobs in the Bay Area in January, according to seasonally adjusted estimates for the sector that Beacon Economics provided to this news organization based on the EDD official figures.
Nevertheless, the job gains in the Bay Area in the month of January exceeded the gains in the nine-county region for all of 2023, following the revisions.
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