The best jobs for 2018: What’s available in the Bay Area
Posted July 15, 2018 08:37:20The Bay Area is becoming a hotbed for the world’s fastest-growing job market.
While many of the region’s top tech firms have announced layoffs, others are looking for help.
Read moreCalifornia ranks second in job growth, and its metro area, from its largest employer, Microsoft Corp., to its smallest, Uber Technologies Inc., is attracting the biggest growth, according to the U.S. Bureau of Labor Statistics.
But those figures, along with recent hiring and payroll data, paint a picture of a jobless recovery that’s not reflected in the region, according the region of San Francisco and Oakland.
Job growth is down more than half from its high in 2015, and is below that of most of the nation, the regional government said Thursday.
The Bay region is home to the nation’s largest concentration of tech companies, including Facebook Inc., Google Inc., Oracle Corp., Microsoft Corp. and Twitter Inc.
The data, obtained by Bloomberg News through a Freedom of Information Act request, shows the region has seen a decline in tech jobs since 2015, as companies have closed or shut down.
It also shows the tech sector, which is the fastest-growth job sector in the country, is growing more slowly than the rest of the economy, with a shrinking workforce and fewer workers in jobs that are high demand, like sales and accounting.
Employers have also cut jobs to keep up with the jobless rate, the BLS said.
The unemployment rate for all U. S. workers is 4.6 percent.
“As a result, there is a lot of uncertainty in hiring for tech companies in the metro areas, especially as there is uncertainty around the recovery,” said Mark Zandi, chief economist at Moody’s Analytics.
The BLS data is based on job openings and payrolls.
It does not include the impact of temporary workers, who can work part-time.
Zandi said job losses could be the result of companies looking to cut costs or simply closing up shop.
He said the regional governments could help by offering more flexibility for companies to lay off workers.
“There is a risk of a short-term correction,” he said.
The regional government did not provide data for tech job losses since 2015.
Its data includes data from the private sector and the Bureau of Economic Analysis.
San Francisco, which ranks second nationally, saw the highest jobless jobless growth in 2018, while Oakland, which has the nation and third-largest population, was second, with an increase of 13.5 percent.
The region’s economy is growing at its fastest pace since the recession, according a report by Moody’s in January.
The regional government, which manages the regional economy, said in a statement that it has been successful in creating jobs and increasing income for residents.