Overall unemployment rate moved up to 3.1% with the biggest shift in Business Services, which lost 4,700 roles, based on the most recently available information published in March 2023.
Total employment in the San Jose-Sunnyvale-Santa Clara, CA market declined by 23,965 jobs in January and the unemployment rate increased compared to the prior month by 100 bps to 3.1%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- San Jose-Sunnyvale-Santa Clara, CA unemployment rate is 76 bps below the national rate which is a positive sign.
- Unemployment in the market is 30 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 4.3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.7%. Key sectors include:
- Business Services: 253,000; -4,700
- Education & Healthcare: 192,400; -900
- Manufacturing: 181,900; -1,500
- Transportation & Utilities: 123,900; -2,400
- IT & Development: 104,700; -3,300
- Restaurants & Hotels: 99,100; -2,100
- Government: 96,600; -1,800
- Construction, Mining: 54,500; -2,100
- Financial Services: 37,700; -1,100
- Other Jobs: 24,400; -300
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.