{"id":26893,"date":"2023-06-09T14:30:10","date_gmt":"2023-06-09T21:30:10","guid":{"rendered":"https:\/\/occupysf.net\/?p=26893"},"modified":"2023-06-09T14:30:11","modified_gmt":"2023-06-09T21:30:11","slug":"charts-show-how-san-franciscos-job-market-is-unusually-strong-despite-doom-loop-concerns","status":"publish","type":"post","link":"http:\/\/occupysf.net\/index.php\/2023\/06\/09\/charts-show-how-san-franciscos-job-market-is-unusually-strong-despite-doom-loop-concerns\/","title":{"rendered":"Charts show how San Francisco\u2019s job market is unusually strong despite \u2018doom loop\u2019 concerns"},"content":{"rendered":"\n

<\/a>Adriana Rezal<\/a><\/p>\n\n\n\n

June 8, 2023 Updated: June 9, 2023 (SFChronicle.com)<\/p>\n\n\n\n

\"Recent
Recent data from the U.S. Bureau of Labor Statistics shows that there are actually more jobs in tech in San Francisco now than before the COVID-19 pandemic. Mike Kai Chen\/Special to The Chronicle<\/figcaption><\/figure>\n\n\n\n

Following the release of government data showing another month of strong job growth in the U.S., a prominent Silicon Valley tech investor took to Twitter<\/a> last week to voice his skepticism. David Sacks, who is also a host of the popular economics and tech-focused \u201cAll-In Podcast<\/a>,\u201d tweeted: \u201cHot jobs report today. I don\u2019t know where they\u2019re finding all these jobs. All I see are layoffs.\u201d<\/p>\n\n\n\n

\n

Hot jobs report today. I don\u2019t know where they\u2019re finding all these jobs. All I see are layoffs.\u2014 David Sacks (@DavidSacks) June 3, 2023<\/a><\/p>\n<\/blockquote>\n\n\n\n

Sacks is not wrong that there have been a significant number of layoffs in his backyard. Over 140,000 jobs have been cut by U.S.-based tech companies so far in 2023, according to data from the business-information company Crunchbase<\/a>.<\/p>\n\n\n\n

But recent data suggest that even San Francisco\u2019s job market<\/a> is in a much better shape than those concerned about a \u201cdoom loop<\/a>\u201d in the city might think.<\/p>\n\n\n\n

Data from the U.S. Bureau of Labor Statistics show that as of April 2023, the most recent month with county-level data, there were about 559,000 people employed in San Francisco. Those numbers are up about 8,000 from the same month in 2022, and not too far off from 563,000 employed people in 2019. That\u2019s even though the population of San Francisco declined<\/a> by about 70,000 from 2019 to 2022. The data include jobs based in San Francisco County, meaning someone could be employed in the city and live elsewhere. <\/p>\n\n\n\n

The city\u2019s unemployment rate is at 2.7%, which is well below average for the last several decades, but above the 2% from April 2019.<\/p>\n\n\n\n

Job growth in the San Francisco metropolitan division, which also includes Redwood City and South San Francisco, has actually surpassed pre-pandemic levels with 1,204,900 jobs in April 2023, compared to 1,174,700 in April 2019.<\/p>\n\n\n\n

Unlike counties, data at the metropolitan division level allows us to examine changes by industry. The \u201cleisure and hospitality\u201d and \u201ctrade, transportation and utilities\u201d industries saw the greatest decline in jobs in the San Francisco metropolitan division, while the \u201cinformation\u201d and \u201cprivate education and health services\u201d industries saw the biggest gains.<\/p>\n\n\n\n

Jobs with remote-work options fared better, while in-person jobs in trade or retail are seeing slower recoveries, according to Sarah Bohn, an employment trends expert at the Public Policy Institute of California. \u201cThe shift to remote work is affecting San Francisco substantially,\u201d Bohn said.<\/p>\n\n\n\n

What many consider \u201ctech\u201d jobs don\u2019t fit neatly inside one industry, but most jobs in tech are likely to come under \u201cinformation\u201d and \u201cprofessional, scientific and technical services,\u201d according research from the Federal Reserve Bank of New York<\/a>. In the  San Francisco metropolitan division, there are 6% more \u201cprofessional, scientific and technical services\u201d and 31% more \u201cinformation\u201d jobs now than in 2019. Most of that job growth happened from early 2021 to mid-2022. Job numbers for these industries have come down recently as companies executed layoffs<\/a>. <\/p>\n\n\n\n

\u201cJobs in (the tech) sector had grown quite substantially even during the pandemic,\u201d Bohn said. \u201cMaybe jobs grew a little bit too fast and they\u2019re pulling it back a little bit in that sector, which means we\u2019re still ahead of where we were.\u201d <\/p>\n\n\n\n

Even with generally strong job numbers, the state\u2019s labor market is still feeling some pressure<\/a>, though. Californians are living with cooling, yet elevated inflation, and job openings are starting to wind down from historic highs in the last two years.<\/p>\n\n\n\n

\u201cPeople feel that (pressure), like at the pump or at the grocery store,\u201d Bohn said. \u201cYou can really feel the level of inflation that we\u2019ve had. It can make you very pessimistic about the future of the economy.\u201d<\/a><\/p>\n\n\n\n

Written By Adriana Rezal<\/a><\/a><\/p>\n\n\n\n

Adriana is a data reporter with The San Francisco Chronicle. Previously, she was a data fellow with U.S. News and World Report. Before that, she spent a summer in Chicago as a reporting intern covering immigration in the Midwest. Adriana graduated from the University of Texas at Austin in 2019 with a degree in International Relations and Global Studies with a minor in Journalism.<\/p>\n\n\n\n

\"San<\/a><\/figure>\n\n\n\n

\"HEARST\u00a92023 Hearst Communications, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

Adriana Rezal June 8, 2023 Updated: June 9, 2023 (SFChronicle.com) Following the release of government data showing another month of strong job growth in the U.S., a prominent Silicon Valley tech investor took to Twitter last week to voice his skepticism. David Sacks, who is also a host of the popular economics… Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26893"}],"collection":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=26893"}],"version-history":[{"count":1,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26893\/revisions"}],"predecessor-version":[{"id":26894,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26893\/revisions\/26894"}],"wp:attachment":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=26893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=26893"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=26893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}