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Employment improvement slows. Can we assume all the old jobs will return?

Unemployment numbers are continuing to drop in Santa Clara County, reaching a post-Covid shutdown low of 7% for September, sixth lowest in California, according to figures just released by the Economic Development Department.

The rate is 7.1% for Silicon Valley, which is defined as Santa Clara and San Mateo counties by Joint Venture Silicon Valley. Only Marin County in the Bay Area had a lower unemployment rate than Santa Clara County at 6.5%.

The improvement was driven by an increase in 2,700 jobs – up 7.6% – in state and local government education, which means some school teachers were returning to work.

Nevertheless, the rate of improvement is flattening somewhat. In August the rate was 7.5% in Silicon Valley, meaning less than half a point better, against the July-August decline of minus two points and the June-July decline of 1.3 points.

One month’s data doesn’t mean the improvement numbers are grinding to a halt. Business sectors open and close quickly due to Covid rules changes or outbreaks that aren’t

“But the truth is we’re in very uncertain times,” said Rachel Massaro, research director of the Silicon Valley Institute for Regional studies, which issues a monthly analysis of the EDD’s numbers. Read more via BizJournals

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