Layoffs in California Stall Employment Growth: San Francisco and Silicon Valley Hardest Hit
The layoff announcements by tech and social media companies keep piling up. But these are announcements of global layoffs, and they may not all take place in the US.
Many of the tech and social media companies that announced layoffs are either headquartered in California or have large offices in California. We can track the actual layoffs in California because companies with 75 employees or more are required to disclose those layoffs as part of the WARN (Worker Adjustment and Retraining Notification) reports. So we can see actual layoffs in California, rather than just breathless announcement of global layoffs.
So far, 65,964 layoffs notices were given to employees at companies with 75 employees or more in California since July 1, when the layoff announcements took on momentum, according to the WARN report released today. This was up by over 10,000 from a month ago (54,679).
The State of California has a population of over 39 million, so the number of layoffs in the WARN reports is still relatively small overall. But they’re concentrated in a handful of counties – and in three of the San Francisco Bay Area counties, layoffs have turned into a major thing.
