November added jobs despite the influx of companies announcing layoffs, according to the latest job numbers.
The Bureau of Labor Statistics said the country's jobless rate held steady at 3.7%. It was even lower for the Silicon Valley.
Joint Venture Silicon Valley CEO Russell Hancock called the tech layoffs more of a correction after a massive hiring spree during the lockdown phase of the pandemic.
"It's these particular tech companies, and it's a particular set of them," Hancock said. "The ones that were booming during the pandemic. The ones that were involved in streaming, video conferencing. The online platforms for goods delivery."
Hancock adds what the country is going through now is "absolutely nothing compared to 2008 or compared to 2000."
But not everyone is feeling that optimistic. Those from other countries or foreign worker visas often have only a couple of months to find a new job or risk being deported.
"And if they are ever laid off or the company goes bankrupt for whatever reason, they are out of status," said David Bier, an associate director of immigration studies at the Cato Institute. "And they have to leave the country within 60 days."
But there is some good news: the number of jobs available has dipped just a bit, so there are still more job openings than there are people looking for work. Add that as another sign of strength to our economy.
Get a weekly recap of the latest San Francisco Bay Area housing news. Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
