By tf-lawyer.com A recent report from the California Employment Development Department highlights that the Bay Area’s job growth in September contributed nearly half of California’s overall employment increase. According to the “San Jose Mercury News,” the EDD reported on the 18th that major metropolitan areas in the Bay Area, including South Bay, East Bay, and the San Francisco-San Mateo region, all saw job opportunities rise in September. Following a gain of 1,400 positions in August, the Bay Area added a total of 6,700 jobs last month.
Steve Levy, director of the California Economic Forecast Center in Palo Alto, expressed optimism regarding job growth, noting that lower interest rates and alleviated inflation could foster positive economic developments in the future.
The strong job growth in the Bay Area during September contrasts sharply with the weak employment trends observed earlier in the summer.
According to the report from the California Labor Department, the San Francisco-San Mateo region gained 2,800 jobs in September, the East Bay added 2,500, and the South Bay saw an increase of 200 positions.
The state government announced that California experienced a net increase of 14,700 jobs in September, with the Bay Area accounting for nearly half of that growth. However, this figure is notably below the average of 22,100 jobs created in the state over the past year prior to September.
Michael Bernick, an employment attorney with Duane Morris Law Firm and former EDD director, observed that California’s job growth numbers have been consistently declining over the past four months, indicating that growth remains sluggish. He highlighted that the Bay Area’s September employment growth represented almost 46% of all new jobs in the state.
Russell Hancock, president of Joint Venture Silicon Valley, a think tank based in San Jose, noted that despite ongoing layoffs in the tech sector, the Bay Area remains stable with a long-term trajectory toward continued growth.
The statewide unemployment rate has remained steady at 5.3%. Since reaching a historic low of 3.8% in August 2022, California’s unemployment rate has been on the rise.
Jeff Bellisario, executive director of the Bay Area Economic Institute, cautioned that while job opportunities in the Bay Area have increased, they are not necessarily in a strong position. He emphasized the need for meaningful job growth sustained over several months to genuinely believe that the economy is returning to a growth path.
When comparing the Bay Area and its three major metropolitan regions to pre-pandemic conditions, there are still 51,300 fewer job opportunities than in February 2020.
Of this, the East Bay saw a net gain of 3,700 jobs, while the South Bay experienced a loss of 6,000, with the San Francisco-San Mateo region being the most significantly impacted, facing a job shortfall of 46,000 positions.
Bellisario believes that the Bay Area still has considerable ground to cover in its post-pandemic recovery. Other experts suggest that the region needs more time to address imbalances in economic growth, and while the promotion of artificial intelligence presents exciting technological advancements, it remains uncertain whether AI companies can create large numbers of jobs.
