Overall unemployment rate moved up to 3.4% with the biggest shift in Transportation & Utilities, which lost 4,500 roles, based on the most recently available information published in March 2022.
Total employment in the San Jose-Sunnyvale-Santa Clara, CA market declined by 11,833 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 3.4%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- San Jose-Sunnyvale-Santa Clara, CA unemployment rate is 103 bps below the national rate which is a positive sign.
- Unemployment in the market is 240 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 1.4% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.6%. Key sectors include:
- Business Services: 248,800; -3,400
- Education & Healthcare: 182,100; -1,500
- Manufacturing: 171,800; -1,000
- Transportation & Utilities: 120,600; -4,500
- IT & Development: 108,900; -800
- Government: 94,000; -1,800
- Restaurants & Hotels: 89,300; -2,800
- Construction, Mining: 51,400; -1,400
- Financial Services: 36,700; -900
- Other Jobs: 23,200; -100
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.