View the San Francisco for Wednesday, July 17, 2024
Checkr, a provider of employment-verification services headed by CEO Daniel Yanisse, announced in April plans to lay off 260 workers in San Francisco during one of the last big rounds of job cuts in The City.
The public stock markets — where a selloff in late 2022 triggered a spate of layoffs in the sector — have more than rebounded from their lows then. And the Federal Reserve is widely expected to cut interest rates sometime in the next year, a move that could spark new hiring in the tech sector and beyond.
The San Francisco metro area saw a surge in tech employment in the long economic expansion that followed the Great Recession. The combined tech workforce of San Francisco and San Mateo counties swelled from 45,600 in January 2010 to 154,800 in March 2020, right as the pandemic hit the Bay Area, according to data from the state Employment Development Department.
In response, the tech industry announced massive layoffs, including 12,000 by Google parent Alphabet, more than 20,000 by Meta, and. At the same time, venture firms started to curtail their investments, forcing the startups they backed to conserve cash and cut their own workers. While there’s little sign that the tech industry is about to embark on a hiring spree, there are indications that the worst of the cuts might be over. Since January, employment in the tech sector in the two-county region has fallen by about 5,000, according to EDD figures. That’s a lot, but the region lost 5,000 jobs in the sector from just December to January and more than 7,000 between June and September last year.
And as long as those AI companies are still trying to figure out a business model, they’re unlikely to do a lot of hiring, he said.More broadly, there’s still a lot of uncertainty in the economy right now, including when exactly the Fed might cut rates, and the presidential election and how its outcome could affect policies related to the economy, Raisz said. All of that is likely to keep a lid on hiring for the time being, she said.
The career pathways offered at John O’Connell Technical High School, for instance, include entrepreneurship and culinary arts, and construction and environmental technology. The school is also offering a summer internship in which 15 students gain hands-on experience while earning college credit and $600 stipends — as well as the priceless ability to say they created something from scratch.
The construction pathway serves as a direct entry into Local 22, the San Francisco carpenters union, and those union jobs “offer great pay and benefits,” Wood said. “We used to encourage kids, 10 years ago, to become engineers,” she said. “Everybody became an engineer, and now they’re being laid off in masses.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Page A1View the San Francisco for Thursday, June 27, 2024
Read more »
Page A1View the San Francisco for Wednesday, June 26, 2024
Read more »
Page A1View the San Francisco for Sunday, June 23, 2024
Read more »
Page A1View the San Francisco for Wednesday, June 19, 2024
Read more »
Page A1View the San Francisco for Sunday, July 14, 2024
Read more »
Page A1View the San Francisco for Thursday, July 11, 2024
Read more »