Bay Area Job Gains in April Defy Tech Layoffs and Previous Month’s Losses

The Bay Area’s two-year job growth streak came to an end in March 2023 when the region lost 4,400 jobs – a blow many attributed to the first impacts of tech layoffs across the region. However, in April, the region saw a surprising reversal and added 11,000 jobs in defiance of the layoffs and bank failures that characterized the year’s first quarter. Why? Sectors outside of tech are continuing to create jobs, inflation is gradually moving back into a reasonable range and high interest rates have become normalized. However, there is still great uncertainty at a macro level regarding the economy’s future. It is unclear whether the impact of tech layoffs will continue to be reflected in future job deficits or if the worst is behind us. But the April numbers do show that the Bay Area is not on the precipice of a recession. Read the full Bay Watch here.