Bay Area adds jobs in August, but signs of economic slowdown emerge

The Bay Area gained jobs in August, but signs have emerged that the region’s economic engine has begun to sputter and isn’t creating employment as briskly as before.

The nine-county region added 3,000 jobs last month, powered mainly by sturdy employment gains in the East Bay that offset big job losses in the San Francisco-San Mateo region and smaller losses in the South Bay, the state Employment Development Department reported.

The East Bay added 3,500 jobs in August, but the San Francisco-San Mateo metro area chopped 1,200 jobs while the South Bay lost 500 jobs, according to the most recent EDD report. All the numbers were adjusted for seasonal volatility.

California added 23,100 jobs during August and the statewide unemployment rate remained unchanged at 4.6% compared with the prior month, the EDD reported.

While employment can fluctuate month to month, an analysis of the pace of job gains over the most recent one-year period shows a definite shift towards a job slowdown — or even outright job losses down the road — both in the Bay Area and California.

Over the six-month period that stretched from September 2022 through February 2023, the Bay Area gained 59,200 jobs, which averaged out to a robust gain of 9,900 jobs a month.

In stark contrast, however, during the most recent six months, March 2023 through August 2023, the Bay Area added only 32,600 jobs or an average gain of 5,400 jobs a month, this news organization’s analysis of the EDD’s seasonally adjusted figures shows.

The slowdown is particularly pronounced in the tech-dominated regions of the Bay Area.

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