The Bay Space economic system powered to strong job beneficial properties in January, an upswing led by the South Bay, the East Bay and the San Francisco-San Mateo metro area, newly launched authorities figures present.
As well as, the Bay Space and California have now each reached essential milestones in what has actually been a years-long quest: to totally recuperate from the mammoth job losses that occurred through the first two months of the government-mandated enterprise shutdowns to curb the unfold of the coronavirus.
California and the Bay Space have managed to realize extra jobs than they misplaced throughout March and April 2020, in line with this information group’s evaluation of figures posted by the U.S. Bureau of Labor Statistics.
Some disappointing traits, nonetheless, emerged from the brand new calculations that had been produced on account of the federal government’s annual revision of nonfarm job totals in California, the opposite 49 states and lots of of metro areas nationwide.
The key disappointment: Throughout 2022, the job markets within the Bay Space and California had been weaker and produced smaller job beneficial properties than initially calculated, this information group’s evaluation of the annual employment revisions reveals.
In 2022, the Bay Space gained 127,200 jobs — however that was 23,400 fewer jobs than the unique estimate of a achieve of 150,600 jobs final yr.
Equally, California wound up gaining 538,600 jobs in 2022, which was 82,800 fewer jobs than the 621,400 jobs that consultants had initially estimated the state gained.
The Bay Space added 23,100 jobs throughout January of this yr, seasonally adjusted figures posted by the federal labor company present.
The South Bay added 5,100 jobs, the East Bay gained 7,900 positions and the San Francisco-San Mateo metro area added 8,900 jobs final month. All the numbers had been adjusted for seasonal volatility.
The strong job beneficial properties present that the Bay Space and California have managed to extend nonfarm payroll employment regardless of the dreary drumbeat of tech and biotech layoffs.
Since mid-2022, tech and biotech firms have chopped effectively over 22,000 jobs within the Bay Space, in line with this information group’s evaluation of WARN notices filed with the state Employment Growth Division. Among the layoffs have occurred whereas others are upcoming.
California, the Bay Space, Santa Clara County and the San Francisco-San Mateo area have now recovered extra jobs than they misplaced earlier than the onset of the enterprise shutdowns. Of the Bay Space’s three main metro areas, solely the East Bay stays in a coronavirus-linked jobs deficit.
With the most recent report, the Bay Space has now gained jobs for twenty-four consecutive months. The final time the area misplaced positions was in January 2021.
Santa Clara County and the San Francisco-San Mateo metro area have additionally posted job beneficial properties for twenty-four consecutive months. The East Bay streak for job beneficial properties is much extra modest for the reason that Alameda County-Contra Costa County space misplaced jobs in December 2022.
California gained 96,700 jobs in January, however that got here on the heels of a lack of 20,200 jobs in December, the Bureau of Labor Statistics reported.