SAN JOSE, Calif. (KRON) — In Silicon Valley, as unemployment continues to drop there are still some industries reporting significant number of people with no job.
According to an analysis from Joint Venture Silicon Valley’s Institute for Regional Studies, the region’s unemployment rate dropped to 3.1% — down half of a percentage point between October and November, following a 0.2 percentage point decrease over the prior one-month period.
As a result, Silicon Valley employers added nearly 13,000 workers between mid-October and mid-November.
“The unemployment rate in Silicon Valley has dropped 2.5 percentage points since January 2021 and is now within 0.3 percentage points of reaching the March 2020 level,” said Ryan Young, Research Manager for BW Research and an affiliated researcher at the Institute.
“There is a real possibility of the unemployment rate falling to pre-pandemic levels in the next couple of months.”
The professional and business service industry jobs represented the greatest month-over-month growth in the greater Silicon Valley region in November.
Computer systems design and related services added 4,400 jobs as part of the larger sector from mid-October to mid-November, doubling the overall growth of the subsector compared to the previous period.
In total, the computer systems design and related services has added 8,700 jobs since March 2020.
According to the analysis — the employment services industry, a notable growth sub-sector within professional and business services, added 900 jobs since mid-October, and now with more jobs than March 2020
The greater Silicon Valley employment levels between October and November, which includes metro-area data from San Francisco and San Benito counties, grew most notably in the professional and business services, educational services, local government education, and transportation and warehousing.
Those industries added 14,300, 5,600, 4,200, and 3,300 jobs respectively.
Additionally, the leisure and hospitality industry added 2,700 jobs — still down 53,900 jobs since pre-pandemic levels.
Some industries still behind
As of mid-November, approximately 46,500 people in Silicon Valley’s labor force remained unemployed — 13,600 in San Mateo County, and 32,900 in Santa Clara County.
A decrease of nearly 7,700 jobs since mid-October, with the total number of unemployment coming in lower than the 42,900 pre-pandemic in March 2020.
Other Key Findings
The report reveals that the drop in Silicon Valley’s unemployment is the second largest month-to-month drop in the calendar year, trailing a 0.8 change between August and September.
The unemployment rate in Silicon Valley in November was 2.5 percentage points lower than it was in January 2020, and 8.9 percentage points lower than April 2020.