These Job Trends in Silicon Valley, San Francisco Bay Area Will Hit Real Estate, the Economy, Municipal Budgets & Hype
by Wolf Richter
WolfStreet.com
Jul 22, 2017
An ugly red flag for all of California goes up.
The labor force in California fell by 19,900 in June from May on a seasonally adjusted basis, the second month in a row of declines. Nonfarm employment fell by 21,300. When was the last time when the labor force and employment fell in that period? 2009.
The California Employment Development Department also reported on Friday that year-over-year, the labor force still rose by 52,600 and employment by 198,000. That looks like a lot, but it was the smallest increase for any year-over-year period since August 2011.
This is an early red flag. But it still looks pretty good compared to what is transpiring in the San Francisco Bay Area. By some measures, there are nine counties in the Bay Area. We’ll look at the six counties that are part of the tech-jobs machine of San Francisco and Silicon Valley.
In San Francisco, nonfarm employment dropped to 542,100 jobs in June. This is the number of people working in San Francisco regardless of where they live, including the many who commute from other areas. This was down 5,100 from the employment peak in December and the lowest since June 2016.
The labor force, the number of people who live in San Francisco and are deemed to be in the labor force, was 559,800, up just 1,800 year-over-year. The chart below shows how the stunning employment boom that created 131,000 jobs from the beginning of 2010 through the end of 2016 has come to a screeching halt:
The Rest…HERE
