Having dropped by nearly 60 percent in May, the number of San Francisco residents that filed a new/initial unemployment claim was effectively unchanged at 24,256 in June (versus having averaged closer to 5,000 a month since the end of the Great Recession, during which monthly filings never crossed the 18,000 mark).
At the same time, an estimated 16,000 San Francisco residents were either newly hired or returned to work in June. And as such, there are still 74,800 fewer employed people in the city than there were prior to the pandemic, and 66,300 fewer than at the same time last year, with an unemployment rate of 12.5 percent
And having dropped by 55 percent in May, the number of new unemployment claims filed across the Bay Area inched up around 2 percent in June to just over 204,000, for a total of over 1.2 million new/initial claims having been filed since the start of the year (including a total of over 280,000 claims by residents of Santa Clara County and 276,000 across Alameda County).
Genentech axing 475, Linkedin 975, Uber 225. Moving from restaurants to professionals now.
90% of the genetech layoffs were field sales people, who don’t live in the Bay area
that place is so gaseous… who knows what’s going on in there…
What do you mean y?
Thanks, Jimbo, that’s the context that was needed. You’re correct most of those were field-based personnel not based in the SF bay area.
Also, I wonder what types of jobs were laid off at LinkedIn and Uber? Were those sales folks? Would be a different story if they are engineers or product management
That’s the way it always goes. Sales & Marketing get cut first. When sales drop you don’t need salespeople, then there’s no need to market to customers who aren’t buying.
Well according to one article, “the 3800 person Uber Engineering dept could be slashed by 800 people” The story is from a few months ago – I’m too cheap to pay to see the rest and not motivated to further research to see if it came true – but it certainly supports the idea of ‘cutting muscle not (just) fat’
I find that more concerning. Conceding top-line growth isn’t a good look.
aren’t restaurant workers professionals, [some with] Culinary degrees ?
I know a lot of people who were not laid off but are not really working. They are still getting paid for now but you have to wonder how long that will last.