Overall unemployment rate moved down to 2.2% with the biggest shift in Restaurants & Hotels, which lost 2,300 roles, based on the most recently available information published in November 2022.
Total employment in the San Jose-Sunnyvale-Santa Clara, CA market rose by 265 jobs in September and the unemployment rate decreased compared to the prior month by 20 bps to 2.2%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- San Jose-Sunnyvale-Santa Clara, CA unemployment rate is 112 bps below the national rate which is a positive sign.
- Unemployment in the market is 170 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 4.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.2%. Key sectors include:
- Business Services: 262,400; +100
- Education & Healthcare: 186,500; +900
- Manufacturing: 175,200; -1,900
- Transportation & Utilities: 121,400; -800
- IT & Development: 112,900; -1,400
- Restaurants & Hotels: 100,000; -2,300
- Government: 92,500; +1,900
- Construction, Mining: 57,300; +1,200
- Financial Services: 36,100; -100
- Other Jobs: 24,300; -300
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.