Posted 3/17/2024, 12:30:46 PM
Bay Area Job Market Struggles to Recover Losses, Still Lags Pre-Pandemic Levels
- Bay Area job market suffered major losses in 2023, going through a "mini-recession" for most of the year before rebounding late in the year
- Region still 46,600 jobs below pre-pandemic job levels as of January 2024
- San Francisco metro area hardest hit, with 34,500 fewer jobs than in February 2020
- Tech job reductions more widespread than initially thought, contributing to declines
- Though showing recent gains, Bay Area still faces challenges like high costs and regulations in fully recovering lost jobs