The Bay Area suffered job losses in December, causing economic uncertainties to loom over the region as 2024 drew to a close, although California managed a modest increase in hiring last month.
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The San Francisco-San Mateo region managed sturdy job gains, but the South Bay and East Bay suffered employment losses in December, the state Employment Development Department reported Friday.
California gained 15,000 jobs in December, according to the EDD. The California numbers were adjusted for seasonal changes.
The statewide unemployment rate worsened and increased to 5.5% last month, up from 5.4% in November.
The Bay Area lost about 1,300 jobs in December, according to the report from the state EDD. The Bay Area numbers were not adjusted for seasonal volatility.
The South Bay lost 800 jobs while the East Bay shed 1,700 positions, according to the unadjusted figures from the EDD. The San Francisco-San Mateo region added 1,200 jobs, the EDD reported, the EDD reported.
For most months in 2024, the Bay Area and its three largest metro regions managed to gain jobs.
Still, some signs of weakness emerged last year.
In four of the 12 months of 2024, including December, Bay Area lost jobs amid uncertainties over federal economic policies, stubbornly persistent inflation and burdensome interest rates.
California’s job market growth slowed dramatically during 2024, this news organization’s analysis of the EDD figures show.
During the first six months of 2024, California averaged gains of 17,600 jobs a month. But during the second-half of this year, California job growth slowed to just 12,500 jobs a month.
State EDD officials reported Friday that starting in May 2020, when the job market roared back after the initial business shutdowns arising from the coronavirus outbreak, California has averaged 57,070 jobs a month.
For all of 2024, however, California averaged only 15,000 jobs a month — a jaw-dropping plunge of 74% from the overall monthly average post-COVID job gain statewide.
