Despite tech layoffs, California and Silicon Valley added jobs at end of 2022

California and Silicon Valley noticed web positive aspects in jobs in December, whilst tech corporations primarily based within the state announce hundreds of layoffs.

Employers added 16,200 nonfarm payroll jobs in December, the state’s Employment Development Department reported Friday, whilst Silicon Valley corporations like Intel Corp.
started layoffs. The state’s jobless fee stayed at 4.1%, in contrast with the nation’s unemployment fee of 3.5%, however California’s job progress of 3.6% outpaced the nation’s 3% progress, the EDD stated.

“California continues leading the nation’s economy,” stated Gov. Gavin Newsom in an announcement Friday.

The largest job positive aspects in California had been within the schooling and well being providers sector, with 8,200 jobs added, in keeping with EDD knowledge. That was adopted by hundreds of jobs added in every of the next sectors: development, authorities, leisure and hospitality, and skilled and enterprise providers. Nine of 11 sectors added jobs. The sectors that noticed decreases had been data, which misplaced 6,100 jobs, and commerce, transportation and utilities, which misplaced 11,100 jobs.

California noticed the fifteenth consecutive month of nonfarm job positive aspects in December, in keeping with the EDD. But it’s unclear whether or not the unemployment report for January will proceed that streak. The tens of hundreds of tech layoffs introduced late final yr and at first of this yr by massive Silicon Valley corporations like Facebook dad or mum Meta Platforms Inc.
Salesforce Inc.
and, most not too long ago, Google dad or mum firm Alphabet Inc.

ought to start to indicate up within the unemployment knowledge for January, February and March — although the tech corporations that decision California house have workers across the nation and world.

For extra: The tech corporations shedding hundreds of employees

Silicon Valley is the epicenter of the tech trade’s large layoff bulletins, however some consultants are remaining considerably hopeful regardless of acknowledging the “very real disruptions” for the employees who’ve been affected. Most of the jobs added within the state had been within the nine-county Bay Area, leading to a drop in Silicon Valley’s unemployment fee month over month, to 2% from 2.3%, in keeping with Joint Venture Silicon Valley’s Institute for Regional Studies, which primarily based its evaluation on the EDD knowledge. The complete Silicon Valley labor pressure climbed by greater than 8,500 from mid-November to mid-December, in keeping with the institute.

“The Bay Area added 13,000 jobs,” Russell Hancock, chief government of Joint Venture Silicon Valley, an alliance of enterprise, labor, educational and group leaders, instructed MarketWatch. “That far offsets the number of layoffs in the Bay Area, so our head’s above water.”

See: ‘It was not sustainable or real’ — A historic look at tech’s layoffs

Also: More than 55,000 international tech employees laid off within the first few weeks of 2023

The EDD additionally stated in its report that the state had 70,000 extra jobs in December than pre-pandemic ranges in February 2020.

New unemployment claims totaled 41,550 in December, down greater than 6,200 from the earlier month.

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