![]() ![]() The big culprit in the steadily weakening Bay Area job market appears to be the tech sector, according to details on industry job trends provided to this news organization by Beacon Economics. “The shift to outright net job losses and accelerating job declines in the South Bay, East Bay and San Francisco-San Mateo area in September paints a darker picture of the near-term economic outlook,” Anderson said. The Bay Area lost 700 jobs in July and 3,700 in August, capped off by the loss of 5,200 jobs in September, the updated government figures show.Īnderson warned that the Bay Area job market appears to have morphed from a gradual slowdown to something more dire. “With the revision of previous months and the new September job losses, the employment trend is now clearly downward for the region,” said Jeff Bellisario, executive director of the Bay Area Council Economic Institute. Ominously, the current trend suggests that job losses have become steadily worse in recent months. ![]() The Bay Area lost jobs in September in a sign that its job market has begun to falter. Afternoon traffic on the MacArthur Maze in Oakland in August 2023. “The Bay Area economy, which has been gliding above other parts of the state since 2021, is now feeling the forces of rising interest rates, the commercial real estate collapse, and high inflation,” said Michael Bernick, an employment attorney with law firm Duane Morris and a former director of the EDD. Following revisions of prior preliminary job reports, the Bay Area wound up losing jobs in July, August and September, the latest estimates show.
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