California and Silicon Valley saw net gains in jobs in December, even as tech companies based in the state announce thousands of layoffs.
Employers added 16,200 nonfarm payroll jobs in December, the state’s Employment Development Department reported Friday, even as Silicon Valley companies like Intel Corp. INTC began layoffs. The state’s jobless rate stayed at 4.1%, compared with the nation’s unemployment rate of 3.5%, but California’s job growth of 3.6% outpaced the nation’s 3% growth, the EDD said.
California saw the 15th consecutive month of nonfarm job gains in December, according to the EDD. But it is unclear whether the unemployment report for January will continue that streak. The tens of thousands of tech layoffs announced late last year and in the beginning of this year by large Silicon Valley companies like Facebook parent Meta Platforms Inc. META , Salesforce Inc. CRM and, most recently, Google parent company Alphabet Inc.
“The Bay Area added 13,000 jobs,” Russell Hancock, chief executive of Joint Venture Silicon Valley, an alliance of business, labor, academic and community leaders, told MarketWatch. “That far offsets the number of layoffs in the Bay Area, so our head’s above water.”Also: More than 55,000 global tech workers laid off in the first few weeks of 2023
The EDD also said in its report that the state had 70,000 more jobs in December than pre-pandemic levels in February 2020.
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