Overall unemployment rate moved down to 2.2% with the biggest shift in Government, which lost 6,800 roles, based on the most recently available information published in August 2022.
Total employment in the San Jose-Sunnyvale-Santa Clara, CA market rose by 14,188 jobs in July and the unemployment rate decreased compared to the prior month by 10 bps to 2.2%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- San Jose-Sunnyvale-Santa Clara, CA unemployment rate is 158 bps below the national rate which is a positive sign.
- Unemployment in the market is 290 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 1.6% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.1% . Key sectors include:
- Business Services: 261,500; +5,300
- Education & Healthcare: 183,400; -1,500
- Manufacturing: 175,700; no change
- Transportation & Utilities: 121,200; +400
- IT & Development: 114,700; +1,500
- Restaurants & Hotels: 101,400; +1,800
- Government: 90,000; -6,800
- Construction, Mining: 56,000; +800
- Financial Services: 36,500; -400
- Other Jobs: 24,500; -100
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.