NOVA Workforce Review Released for February
Data from the recently released State jobs report for our region
On a monthly basis, NOVA Workforce Services produces a Workforce Review report that aggregates data from the recently released State jobs report for the NOVA eight-jurisdiction consortium. The Feb. edition includes the article, “Millions of jobs probably aren’t coming back, even after the pandemic ends.” The pandemic has resulted in millions of jobs lost and triggered permanent shifts in how and where people work. Advancement in automation is further accelerating these trends. A report from the McKinsey Global Institute predicts that 20% of business travel won’t come back and 20% of workers could continue to work from home indefinitely. This will result in fewer jobs in the hotel, restaurant and downtown retail industries. Many who have lost their jobs during the pandemic won’t have jobs to come back to and will require funding for retraining.
The unemployment rate for the San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area was 5.8% in Jan., down from 6.0% in Dec. Sunnyvale’s unemployment rate was 4.3% in Jan., down from 4.6% in Dec. The state unemployment rate was 9.2% in Jan., up from 9.1% in Dec. Please note: The state historically delays the release of the Jan. data due to its benchmarking process. As such, the data was just released on March 12 that postponed the release of this Workforce Review. NOVA also produces labor market intelligence reports that capture employment, industry and demographic trends.