Silicon Valley unemployment below 4% since the start of the pandemic

SAN JOSE, California (CROWN) – For the very first time since the start of the pandemic, Silicon Valley’s recent unemployment fell below 4%.

According to latest analysis from Joint Venture Silicon Valley, the region’s unemployment fell to 3.9% for September.

Silicon Valley’s unemployment fell 0.8 percentage points between August and September following a 0.2 percentage point drop from the previous one-month period.

In September, combined unemployment for Santa Clara and the San Mateo Counties was 3.9%, compared with 4.1% for San Francisco, 4.6% for the Bay Area, 6.4% nationwide and 4.6% nationwide.

By comparison, Silicon Valley unemployment in September was two percentage points lower than it was towards the end of 2020.

Courtesy: Joint Venture Silicon Valley.

Last month’s biggest month-over-month increase in employment for the greater Silicon Valley region came from state and local government jobs.

According to analysis, students returning to personal classes from elementary schools through colleges and universities contributed to an increase in both local and state authorities regionally in the month of September.

For the greater Silicon Valley, which includes San Francisco and San Benito counties, employment levels grew between August and September in the following industries:

  • Leisure and hospitality with an additional 4,200 jobs;
  • Professional and business services with an additional 3,600 jobs;
  • Municipal education with an additional 2,700 jobs; and
  • State education with an additional 2,200 jobs.

But despite recent advances, the region’s leisure and hospitality industry has still fallen by 55,000 jobs since the pre-pandemic level.

The analysis shows that approximately 57,100 people in Silicon Valley’s workforce remained unemployed – 21,200 in San Mateo County and 50,600 in Santa Clara County.

Other parts of the region like the San Mateo and Santa Clara Counties recorded the 2nd and 3rd lowest unemployment rates among California counties in September.

Courtesy: Joint Venture Silicon Valley.

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