The job markets in the Bay Area and California suffered big slowdowns in the pace of employment gains in August, fresh hints that the economy has begun to wobble amid jolts from inflation and rising interest rates.
The Bay Area added 4,400 jobs in August — well below the region’s increase of 17,900 jobs in July — according to a report released Friday by a government labor agency. Similarly, California gained 19,900 jobs last month — far fewer than the 91,400 jobs the Golden State added in July, the new report revealed.
Adding to the unsettling report: California’s unemployment rate worsened to 4.1% in August, higher than the 3.9% jobless rate in July, which at the time was an all-time low for the economic benchmark. Santa Clara County led the way for the Bay Area in August, gaining 4,000 jobs last month. That was well short of the 7,200 jobs the South Bay added in July.The San Francisco-San Mateo region, hobbled by tech layoffs and rising vacancies for office buildings, added only 100 jobs in August, a dismal showing when stacked up against the increase of 7,200 jobs in July. All of the local and statewide numbers were adjusted for seasonal variations.