Silicon Valley unemployment (still) lower than rest of the state

unemployment rate for silicon valley

The state’s 112-month employment expansion is the second-longest on record.

The unemployment rate in the South Bay of Silicon Valley rose a half percent in June to 2.7 percent, still leading most of the nation, according to monthly estimates released today by the California Employment Development Department.

State unemployment was 4.1 percent; for the country, it was 3.8 percent.

County by County for June

Santa Clara ranked fourth in the state with 2.6% (behind San Mateo, San Francisco, and Marin counties). Our neighbor to the south, San Benito County, was estimated to have unemployment of 4.9 percent.

Industry by Industry for June

The South Bay and San Benito County combined added:

  • 9,700 jobs to reach 1,168,300
  • 3,200 jobs in manufacturing
  • 3,100 jobs in information
  • 1,900 jobs in trade, transportation, and utilities (mostly retail with +1,400 jobs)
  • 1,000 in construction with specialty trade contractors (up 900 jobs) driving the growth.
  • Summer also brought a drop of 1,000 jobs in private educational and health services.

For the Year

Between June 2018 and June 2019, combined employment in the South Bay counties of San Benito and Santa Clara, grew by 27,500 jobs, or 2.4 percent. The area gained:

  • 9,000 jobs in information
  • 9,700 jobs to reach 1,168,300.
  • 7,200 jobs in manufacturing (Computer and electronic product manufacturing was up 6,100.)
  • 2,800 in government
  • 2,700 professional and business services
  • 2,500 private educational and health services
  • 1,400 jobs in leisure and hospitality
  • 1,200 in financial activities

image004

California EDD Highlights

  • June’s 46,200 job gain was California’s second largest job increase in 2019 and accounted for about 21 percent of the nation’s 224,000 job gain for the month.
  • The state’s 112-month employment expansion is the second-longest on record behind the 113-month long expansion of the 1960’s.
  • California has gained 3,284,300 jobs since the current economic expansion began in February 2010, averaging 29,320 jobs gained per month over the period – far more than the 8-9,000 jobs needed each month to keep up with growth in the labor force.
  • Nine of California’s 11 major industry sectors gained jobs in June. The biggest increase of 11,900 jobs came in construction; the largest June job increase in that industry in 10 years. Commercial and home construction both contributed to the construction industry’s June surge.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s