Bay Watch: Strong Job Gains in May, Defying Tech Layoffs and March Losses
In March 2023, the Bay Area’s two-year growth streak came to an end when the region lost 4,400 jobs, which many saw as the first impacts of reported tech layoffs across the region. However, the region added 12,400 jobs in April and 10,400 jobs in May — a surprising reversal that defies the tech layoffs and bank failures that had characterized the first quarter of the year. While sectors other than tech are continuing to create new jobs, there is still great uncertainty at a macro level regarding the economy’s future path. As the region moves forward, it remains to be seen whether the impact of tech layoffs will continue to be reflected in future job deficits or if the worst is behind us, but two solid months of growth do show that the Bay Area is not on the precipice of a recession.
