West Coast unemployment is the worst in the US as tech firms slash headcount
throughout this year. The Journal also noted that average wages have dropped in counties in the San Francisco and Seattle metro areas.shows that California, Washington, and Oregon were all among the top ten states with the highest unemployment rates in April. California's 4.5% rate, Washington's 4.3%, and Oregon's 4.0% were all well above the national unemployment rate of 3.5% that month.
Other states saw higher-than-average unemployment too. Nevada came in with the highest unemployment rate in April at 5.4%. Texas and New York both had 4.0% unemployment rates. While the West Coast is seeing some pain from tech layoffs and the Silicon Valley Bank collapse in March, the broader labor market continues to be strong, and unemployment even in these states is far lower than it was. The US keeps adding jobs at a rapid pace, and even though unemployment ticked up in April, it remains at a historically low rate.
Still, the rest of the year will show whether or not the recent wave of tech layoffs spreads to the broader economy and leads to a long-awaited recession.Subscribe to push notifications
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