Overall unemployment rate moved down to 1.9% with the biggest shift in Manufacturing, which gained 1,000 roles, based on the most recently available information published in June 2022.
Total employment in the San Jose-Sunnyvale-Santa Clara, CA market rose by 1,531 jobs in May and the unemployment rate decreased compared to the prior month by 30 bps to 1.9%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- San Jose-Sunnyvale-Santa Clara, CA unemployment rate is 148 bps below the national rate which is a positive sign.
- Unemployment in the market is 310 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) declined in May versus prior month by -0.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.2% . Key sectors include:
- Business Services: 252,200; -400
- Education & Healthcare: 185,200; +900
- Manufacturing: 173,000; +1,000
- Transportation & Utilities: 120,200; -400
- IT & Development: 109,700; +300
- Restaurants & Hotels: 98,000; +500
- Government: 96,000; +200
- Construction, Mining: 54,300; +100
- Financial Services: 37,100; -100
- Other Jobs: 24,400; -100
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.