Job Gains, Job Losses

The good news is that the East Bay has gained 27,000 new jobs. The bad news is that a Bay Area-based corporation is slashing 27,0000 jobs. Happy days are here again? It might be too early to break out the champagne. A new report released Thursday by the East Bay Economic Development Alliance (East Bay EDA) shows economic recovery in the region is putting people back to work and improving the quality of life for at least some East Bay residents. According to the report, since July 2011, almost 27,000 residents of the East Bay found jobs. Unemployment reached 9.3 percent in January 2012 – its lowest point since February 2009. “We are encouraged to see the increase in jobs and spending and hold hope that this continues,” said Keith Carson, Alameda County Supervisor. At the same time, Tech giant Hewlett-Packard announced this week that it will slash 27,000 jobs, 8 percent of its worldwide workforce, by 2014, hoping to save billions of dollars. The company’s restructuring plan, which aims to save $3 billion to $3.5 billion, is the biggest in the Bay Area-based company’s 73-year history and “absolutely critical for the long-term success of the company,” CEO Meg Whitman said. “While I wouldn’t say we turned the corner, we are making progress,” said Whitman. HP is eliminating thousands of jobs because its revenue and profits are sliding. The workforce cuts are the third largest in tech history.
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