Minus some/a lot of government dysfunction, 2018 has been a good year economically for the Bay Area. OK, most of 2018 has been a good year. Obviously, this last 2-3 months has been very turbulent. If you are a wealth management company, I am sure you have been fielding a lot of phone calls from worried clients. As mentioned in previous commentary, the Bay Area is often insulated from many of the national economic troubles because of our strong foundation in technology companies. The November numbers for hiring in the Bay Area are especially gladdening as hiring was not only strong in the tech sector, but across the board including: construction, warehousing, hotel, restaurant, arts and entertainment. This has been the best it’s been for a single month for the last two years. It’s so strong that many forecasters expect 2019 to be another strong year. Execuforce agrees, as we currently have a lot of momentum. However, with some of the biggest “unicorns” expected to go public next year, we have our concerns. Read More >

Nothing can escape Old Man Time, and that includes the economy. Don’t get me wrong, the economy is doing pretty well. A recent report by the Bureau of Labor Statistics says that there continues to be more job openings than unemployed. Of course, It is understood that there are those that might not be included in those unemployment numbers; thus it can be taken with a grain of salt. Whatever the case, the jobs are out there, and generally this is a good thing. However, a factor that isn’t talked about a lot, and will most likely be a huge obstacle in the future, is that America, yes you America, is getting old.

I’m sure you have all heard about Japan’s aging workforce. It now seems it is America’s turn. Baby Boomers are retiring. Those that didn’t retire because of a weak economy and a flailing retirement fund, are now retiring at an increasing rate. Here’s a stat: a Baby Boomer retires every 9 seconds. Everyone deserves to retire, however in a growing population that continues to need goods and services, it becomes a problem. The Census Bureau projects that our needs for goods and services will be more than our workforce can produce from now to at least 2030. This is a different aspect of the labor crunch and it is expected to be a big factor in our nation’s production and growth. Read More >