Post-pandemic layoffs in the tech and biotech sectors continue to widen, and the brutal job losses are set to loom over the region’s economy for months.
Since mid-2022, tech and biotech companies — including giants like Google and Meta Platforms — have revealed plans to slash more than 19,000 jobs across the nine-county Bay Area, according to official state reports. That figure includes cutbacks that have been completed or are slated to occur, in some cases as late as 2024.
Even worse, multiple tech companies, including Intel, in recent days have notified the state Employment Development Department of plans to orchestrate a second round of layoffs on top of job cuts announced earlier.
“We’ve reached the point where layoffs are becoming widespread in tech and biotech,” said Russell Hancock, president of Joint Venture, a San Jose-based think tank. “But it’s important to keep these numbers in perspective.”
Hancock and other experts insist the layoffs won’t morph into an extinction event akin to the dot-com meltdown of the 2000s, when hundreds of thousands of people across the Bay Area, many of them in tech, lost their jobs.
“It’s not even close to the dot-com situation,” said Tim Bajarin, principal executive with Campbell-based Creative Strategies, which tracks the tech sector. “The dot-com bust occurred because so many people believed they could produce apps that had no business models and couldn’t generate profits.”
The dynamics this time are far different than the dot-com collapse, analysts say.
“These are companies that are making adjustments,” said Patrick Kallerman, vice president of research with the Bay Area Council Economic Institute. “This is a calculated belt-tightening. This is not even recession-level job cutting.”
With the current wave of cutbacks, Big Tech is attempting to right-size its employee base in the wake of the coronavirus outbreak, which sparked a crush of people working, meeting and learning remotely due to the government-mandated business lockdowns to combat the deadly virus. Many tech companies whose products help enable remote work responded at the time by staffing up, only to discover later that not all of the changes wrought by the pandemic were permanent.
“The layoffs are a rebalancing after a period of record job growth and do not suggest we are in danger of the kind of pain after the dot-com bust when the region lost nearly 300,000 jobs before recovering to record levels,” said Stephen Levy, director of the Palo Alto-based Center for Continuing Study of the California Economy.
The final toll from the current deluge of layoffs is unclear. What is certain is that tech and biotech companies have begun to jettison jobs in recent months at a far higher pace than before, this news organization’s analysis of the WARN notices sent to the EDD shows.
“There was an over-exuberance in the tech industry because of the coronavirus,” said Rob Enderle, an Oregon-based tech analyst. “Tech companies ramped up to meet the demand for their services and products and they thought that demand would become permanent. But the demand turned out to be transitory.”
During the final six months of 2022, from July 1 through Dec. 31, tech and biotech companies jettisoned slightly fewer than 7,100 jobs, based on the dates in the WARN notices when the layoffs were slated to take effect.
Yet from Jan. 1 of this year through Feb. 8 — a period of only about five weeks — tech and biotech firms completed or reported plans to eliminate another 12,400 positions, with the layoffs due to take place this month, in March, April, May and beyond, the WARN letters show.
Ominously, 2023 has also brought the two worst months for completed or planned job cuts in the current cycle of staffing reductions, according to the WARN notices. In January, tech and biotech companies orchestrated the layoffs of 5,384 employees in Bay Area cities. In March, the projected layoff numbers currently total about 5,248.
Meta, Google and Salesforce have each revealed plans to eliminate at least 1,000 jobs in the Bay Area, based on filings with the EDD that occurred on or after July 1, 2022. Twitter, Cisco Systems, Amazon and others have announced plans to cut at least 500. Intel, PayPal, Tesla and other high-profile companies have also slashed employee totals.
“The current correction will continue for a time in 2023 before the tech industry begins another hiring uptick,” said Michael Bernick, an employment attorney with law firm Duane Morris and a former EDD director.
These new layoffs may well fit the tech industry’s now-familiar boom-and-bust cycle.
“Historically, these lulls have been followed by a boom,” Hancock said. “If that happens again, and soon, we shouldn’t be surprised.”
Bajarin cited a ZipRecruiter survey that emerged in late 2022 that found roughly 79% of the tech workers who lost their jobs were able to find work within about three months.
“For those who think tech is dead, we are just at the beginning of what will be the next major boom, which is artificial intelligence,” Bajarin said. “If you are a high-skill engineer and programmer, you will find a new job relatively quickly.”
These companies have revealed plans to eliminate at least 500 jobs in the Bay Area, based on filings with the EDD that occurred on or after July 1, 2022.
Meta Platforms: 2,564 job cuts in Menlo Park, San Francisco, Fremont, Sunnyvale and Burlingame
Google: 1,608 layoffs in Mountain View, Moffett Field, San Bruno and Palo Alto
Salesforce: 1,010 staff cuts in San Francisco
Cepheid: 925 job cuts in Newark and Sunnyvale
Twitter: 900 layoffs in San Francisco and San Jose
Invitae: 736 staff cuts in San Francisco
Cisco Systems: 673 job cuts in San Jose, Milpitas and San Francisco
HelloFresh (Grocery Delivery E-Services USA): 611 layoffs in Richmond
Amazon: 524 staff cuts in Sunnyvale and San Francisco
PRESS RELEASE Published February 26, 2023 TheExpressWire[“ The Board Game and Card Game market has witnessed a growth from USD million to USD million from 2017 to 2022. This report describes overall Board Game and Card Game Market size by analyzing historical data and future forecast[ NEW REPORT :- 99 PAGES ]It also helps in accepting the market status, growth opportunity, prime challenges and offersexhaustive analysis of the industry, profiling of the reputed Board Game and Card Game market players,Competitor InformationThe report also covers the market size and forecasts for the Board Game and Card Game market in15 countriesthrough main regions. 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With tables and figureshelping analyze Global Board Game and Card Game Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the marketDetailed TOC of 2023- 2029 Board Game and Card Game Market Research Report - Regional Analysis, Top Players, Growth, Shares, Revenue1 Board Game and Card Game Market Overview1.1 Product Overview and Scope of Board Game and Card Game1.2 Board Game and Card Game Segment by Type1.2.1 Global Board Game and Card Game Sales and CAGR (Percent) Comparison by Type (2017-2029)1.2.2 The Market Profile of Board Game and Card Game without Handle1.2.3 The Market Profile of Board Game and Card Game with Handle1.3 Global Board Game and Card Game Segment by Application1.3.1 Board Game and Card Game Consumption (Sales) Comparison by Application (2017-2029)1.3.2 The Market Profile of Commercial Use1.3.3 The Market Profile of Personal Mobility1.4 Global Board Game and Card Game Market, Region Wise (2017-2023)1.4.1 Global Board Game and Card Game Market Size (Revenue) and CAGR (Percent) Comparison by Region (2017-2023)1.4.2 United States Board Game and Card Game Market Status and Prospect (2017-2023)1.4.3 Europe Board Game and Card Game Market Status and Prospect (2017-2023)22.214.171.124 Germany Board Game and Card Game Market Status and Prospect (2017-2023)126.96.36.199 UK Board Game and Card Game Market Status and Prospect (2017-2023)188.8.131.52 France Board Game and Card Game Market Status and Prospect (2017-2023)184.108.40.206 Italy Board Game and Card Game Market Status and Prospect (2017-2023)220.127.116.11 Spain Board Game and Card Game Market Status and Prospect (2017-2023)18.104.22.168 Russia Board Game and Card Game Market Status and Prospect (2017-2023)22.214.171.124 Poland Board Game and Card Game Market Status and Prospect (2017-2023)1.4.4 China Board Game and Card Game Market Status and Prospect (2017-2023)1.4.5 Japan Board Game and Card Game Market Status and Prospect (2017-2023)1.4.6 India Board Game and Card Game Market Status and Prospect (2017-2023)1.4.7 Southeast Asia Board Game and Card Game Market Status and Prospect (2017-2023)126.96.36.199 Malaysia Board Game and Card Game Market Status and Prospect (2017-2023)188.8.131.52 Singapore Board Game and Card Game Market Status and Prospect (2017-2023)184.108.40.206 Philippines Board Game and Card Game Market Status and Prospect (2017-2023)220.127.116.11 Indonesia Board Game and Card Game Market Status and Prospect (2017-2023)18.104.22.168 Thailand Board Game and Card Game Market Status and Prospect (2017-2023)22.214.171.124 Vietnam Board Game and Card Game Market Status and Prospect (2017-2023)1.4.8 Latin America Board Game and Card Game Market Status and Prospect (2017-2023)126.96.36.199 Brazil Board Game and Card Game Market Status and Prospect (2017-2023)188.8.131.52 Mexico Board Game and Card Game Market Status and Prospect (2017-2023)184.108.40.206 Colombia Board Game and Card Game Market Status and Prospect (2017-2023)1.4.9 Middle East and Africa Board Game and Card Game Market Status and Prospect (2017-2023)220.127.116.11 Saudi Arabia Bo26 days ago Digital Journal
PRESS RELEASE Published February 26, 2023 TheExpressWire[“ The Tabletop Gaming market has witnessed a growth from USD million to USD million from 2017 to 2022. “]“Tabletop Gaming Market” In depth analysis 2023-2029determines all major features likeshare, revenue, future trends, market size, CAGR status, growth,ProductTypes,Applications,Companiesof global industry along with regional analysis. This report describes overall Tabletop Gaming Market size by analyzing historical data and future forecast[ NEW REPORT :- 128 PAGES ]It also helps in accepting the market status, growth opportunity, prime challenges and offersexhaustive analysis of the industry, profiling of the reputed Tabletop Gaming market players,Competitor InformationThe report also covers the market size and forecasts for the Tabletop Gaming market in15 countriesthrough main regions. TOP MAMUFACTURES covered in the Tabletop Gaming market report are:MattelAsmodee EditionsCMONFremont Die Consumer ProductsThe Grey Fox GamesGrand Prix InternationalRavensburgerGoliathGibsons GamesIndie Boards and CardsBezier GamesThe Walt Disney Co.HasbroGames WorkshopGoliath BVBuffalo GamesIELLO GamesBoardGameDesign.comClementoniAnd More…Get a Sample PDF of Tabletop Gaming Market 2023Short Summery about Tabletop Gaming MarketThe Tabletop Gaming market has witnessed a growth from USD million to USD million from 2017 to 2022. The report focuses on the Tabletop Gaming market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends.26 days ago Digital Journal
While the details have yet to be fully worked out – and there are many, many details involved – the ultimate goals of the Platte Valley Water Partnership are beginning to come into focus. One crucial element of that partnership is Parker Water and Sanitation District’s intent to leave its senior irrigation water shares in the lower reaches of the river and replace them with “new” water under a 2019 water right owned jointly by Parker and the Lower South Platte Water Conservancy District. Parker Water’s senior irrigation water continues to irrigate those farms, while their Prewitt water is used locally for augmentation. By capturing excess flow in an Iliff area reservoir, the Platte Valley Water Partnership project would help Prewitt irrigators in that area receive more of their allotted water. To Frank, the beauty of the Platte Valley Water Partnership is the collaboration between two regions that historically have been at odds over water.29 days ago Sterling Journal-Advocate
“What sets Enphase apart is that our two-way system will be compatible with virtually every vehicle that allows for bidirectional DC charging. It will also export unused stored energy back to the grid, providing potential power utility billing credits for consumers or cash refunds from utility companies,” Alkuran said. For example, PG&E’s Net Surplus Compensation program, enabled by California Senate Bill 920, allows PG&E and other state utilities to offer payment for surplus energy by a home or business renewable energy system based on readings from those participating in the Virtual Net Energy Metering Program using PG&E’s SmartMeter. Beyond making money by selling excess energy, users can also save by leveraging differential energy tariffs based on cheaper energy stored at night or during off-peak, reduced-rate periods. Some concerns with the V2G technology rollout include regulatory challenges and the lack of standard bidirectional charging protocols and connectors.1 month ago North Bay Business Journal
By: AJOT | Feb 22 2023 at 12:49 PM | LogisticsRK Logistics Group, a leading Silicon Valley provider of warehousing, eCommerce fulfillment and supply chain management services, today announced the opening of a new commercial logistics facility in Hayward supporting local manufacturing of electric vehicles. The new warehouse, located at 31353 Huntwood Avenue in Hayward, is a shared space facility where RK is co-locating with Tesla. The Huntwood facility is the third new facility opened by RK over the past 12 months. The company is experiencing increasing demand from local automotive and semiconductor equipment manufacturing firms, who need more warehouse space and proven logistics support to handle growing inventories of parts, sub-assemblies, components and safety stocks, noted Rock Magnan, president of RK Logistics Group. The Bay Area market for warehouse space and workers remains exceptionally tight, Magnan noted.1 month ago American Journal of Transportation
Franklin D. Roosevelt became the first sitting president to visit Las Vegas in 1935, when he came to Southern Nevada for the Hoover Dam dedication. President Franklin D. Roosevelt gives a speech to a crowd at the dedication ceremony for Boulder Dam, now Hoover Dam, on Sept. 30, 1935. President Franklin D. Roosevelt delivers the dedication address at Boulder Dam, Hoover Dam. The sign underneath him reads: "Franklin D. Roosevelt; President of the United States; Dedicating the Boulder Dam - Sept. 30, 1935." Dam workers even booed Hoover during his historic visit to Boulder City in 1932 as the first sitting president to ever visit the town.1 month ago Las Vegas Review-Journal
The Power Slap League was likely going to thrive with or without the blessing of the Nevada Athletic Commission, but its approval lends legitimacy to the spectacle. The UFC-backed Power Slap competition is scheduled to make its debut next month. In addition to the drug suspension, the NAC had a rules discussion as Power Slap continues to evolve. But that decision may also have allowed Power Slap a level of acceptance it may not have otherwise enjoyed. He also correctly points out that Power Slap competitors take three or fewer shots in a contest while boxers might take several hundred punches in a fight.1 month ago Las Vegas Review-Journal
Here are Wisconsin high school basketball scores for Tuesday, Feb. 14, 2023Jump to: Boys State Scores | GIRLS | Girls State ScoresBOYSBIG EAST - SouthOostburg 76, Kohler 52Ozaukee 92, Random Lake 61CLASSIC 8Arrowhead 76, Mukwonago64Catholic Memorial 55, Kettle Moraine 47Muskego 60, Oconomowoc 54Waukesha West 71, Waukesha North 65EAST CENTRALPlymouth 66, Kewaskum 51Winneconne 68, Kettle Moraine Lutheran 57GREATER METROBrookfield Central 76, Wauwatosa East 48Marquette 90, West Allis Hale 80Sussex Hamilton 70, Germantown 62Wauwatosa West 99, Menomonee Falls 45LAKE CITYFaith Christian 72, Salam 66Tenor/Veritas 86, Cristo Rey 83University Lake/Trinity 58, Saint Anthony 34Milwaukee Early View at Eastbrook Academy (ccd.) METRO CLASSICMartin Luther 75, Catholic Central 38Racine Lutheran 60, Shoreland Lutheran 47Racine St. Catherine’s 74, Dominican 63St. Thomas More 80, Kenosha St. Joseph 63MIDWEST CLASSICKenosha Christian Life 73, St. Francis 54Lake Country Lutheran 79, Heritage Christian 74Messmer 62, Living Word Lutheran 55MILWAUKEE CITY - RedLifelong Learning 93, Arts 62ROCK VALLEYClinton 68, Whitewater 52Edgerton 67, East Troy 60SOUTHERN LAKESBurlington 52, Elkhorn 45Union Grove 51, Delavan-Darien 29Waterford 63, Wilmot 42TRAILWAYS - SouthPalmyra-Eagle 64, Parkview 47Williams Bay 86, Madison Country Day 61WOODLAND - EastGreenfield 64, South Milwaukee 61Shorewood 68, Cudahy 62Brown Deer at Milwaukee Lutheran (ppd.) WOODLAND - WestPewaukee 94, Greendale 49Pius XI 75, West Allis Central 71Wisconsin Lutheran 81, New Berlin Eisenhower 30NON-CONFERENCERacine Park def. Howard Fuller (forfeit)Whitnall 57, New Berlin West 54Back to top ↑STATE SCORESAlbany 46, Juda 33Alma Center Lincoln 80, Gilmanton 59Almond-Bancroft 74, Bowler 29Amherst 84, Nekoosa 29Antigo 51, Tomahawk 41Ashwaubenon 65, Sheboygan North 60Bangor 70, Necedah 57Baraboo 53, Reedsburg Area 46Barron 61, Spooner 39Bay Port 68, Green Bay Preble 56Belleville 65, New Glarus 52Benton 73, Highland 59Berlin 78, Ripon 62Black Hawk 54, Argyle 41Bloomer 46, Thorp 37Brillion 61, Kiel 46Bruce 60, Birchwood 42Cameron 89, Northwestern 69Central Wisconsin Christian 61, Horicon 46Chilton 57, Sheboygan Falls 40Chippewa Falls 73, Altoona 65Chippewa Falls McDonell Central 68, Fall Creek 66Clintonville 51, Waupaca 48Cochrane-Fountain City 71, Eleva-Strum 32Colby 60, Neillsville 58Coulee Christian-Providence 62, Jackson Christian (Mich.) 58Cumberland 79, Hayward 43Darlington 55, Mineral Point 53De Pere 79, Green Bay Southwest 40De Soto 51, Kickapoo 49Dodgeland 41, Hustisford 38Durand 51, Glenwood City 33Eau Claire Immanuel Lutheran 68, Alma/Pepin 58Eau Claire Regis 55, Stanley-Boyd 51Elk Mound 68, Colfax 56Fennimore 65, Cuba City 49Fond du Lac 63, Hortonville 58Fond du Lac St. Marys Springs 86, Waupun 42Fox Valley Lutheran 55, Freedom 44Frederic 46, Clear Lake 35Gibraltar 64, Sevastopol 35Green Bay N.E.W. METRO CLASSICRacine Lutheran 52, Shoreland Lutheran 51St. Thomas More 68, Kenosha St. Joseph 59MIDWEST CLASSICBrookfield Academy 85, St. Francis 34MILWAUKEE CITY - GoldKing 72, Golda Meir 37NORTH SHORECedarburg 96, Slinger 57Hartford 71, West Bend West 43Homestead 67, Grafton 47Port Washington 60, Nicolet 45West Bend East 71, Whitefish Bay 62SOUTHERN LAKESUnion Grove 72, Burlington 44Waterford 52, Badger 51Westosha Central 43, Delavan-Darien 41Wilmot 54, Elkhorn 48NON-CONFERENCEParkview 48, Heritage Christian 36The Prairie School 74, Brown Deer 67Back to top ↑STATE SCORESAlma Center Lincoln 67, Blair-Taylor 65Altoona 55, Amery 53Athens 73, Pittsville 68Augusta 49, Independence 33Baldwin-Woodville 57, Saint Croix Central 29Bangor 57, Brookwood 22Brillion 49, Wrightstown 28Bruce 46, Birchwood 44Cambridge 70, Wisconsin Heights 38Cashton 49, Wonewoc-Center 42Chippewa Falls 47, Medford Area 44Clear Lake 56, Frederic 39Coleman 76, Suring 35Cuba City 59, Platteville 53Darlington 47, Boscobel 41Fall Creek 63, Cameron (W.Va.) 38Gillett 52, Crivitz 42Grantsburg 57, Unity 32Gresham Community 50, Elcho 18Hortonville 67, Fond du Lac 61Iola-Scandinavia 53, Rosholt 39Iowa-Grant 61, De Soto 20La Crosse Aquinas 57, Winona Cotter (Minn.) 48La Crosse Central 68, Sparta 53Laconia 61, Lomira 29Lake Mills 56, Watertown Luther Prep 26Lena 56, Saint Thomas Aquinas 4Marathon 53, Amherst 50Menasha 53, Ashwaubenon 35Monticello 68, Madison Abundant Life 63New Auburn 63, Lake Holcombe 21Niagara 52, Florence 38Northwood 31, Shell Lake 28Onalaska Luther 63, Arcadia 43Oshkosh North 53, Shawano 44Port Edwards 39, Marion 36Prescott 45, Ellsworth 43Richland Center 51, Highland 45River Valley 73, Pecatonica 61Shiocton 59, Little Chute 32Siren 50, Webster 41Somerset 54, Osceola 51Stevens Point 79, Rhinelander 55Tomahawk 29, Rib Lake 25Wild Rose 51, Princeton/Green Lake 46Winnebago Lutheran Academy 65, Campbellsport 37Wisconsin Rapids Assumption 50, Pacelli 40Wittenberg-Birnamwood 55, Laona-Wabeno 36***For additional girls scores, schedules, standings and statistics, please visit www.wissports.net/girlsbasketball*1 month ago Milwaukee Journal Sentinel