Bay Area employers cut thousands of jobs in July, a troubling economic setback that suggests waves of layoffs in the shaky tech industry have begun to undermine the region’s employment sector.
Last month’s job losses in the Bay Area were due to massive workforce cuts in the South Bay and greater San Francisco, according to a new government report released Friday.
According to figures from the U.S. Bureau of Labor Statistics, 3,400 jobs were lost in the Bay Area in July, marking the second consecutive month of job losses for the nine-county region.
The worst job losses in the Bay Area last month occurred in the two metropolitan areas with the largest concentration of technology companies.
In the South Bay, 1,300 jobs were lost last month, but the region’s worst job losses occurred in the San Francisco-San Mateo metropolitan area, where 2,000 jobs were eliminated, the report shows.
Only 300 jobs were created in the East Bay, a sign that the Alameda County-Contra Costa County region is losing momentum.
California added 21,100 new jobs in July, marking five consecutive months of employment growth in the nation’s largest state.
The national unemployment rate remained unchanged from June at 5.2% in July, but the current numbers for California are far worse than the state’s record low of 3.8%, reached in August 2022.
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