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| Institute: Silicon Valley unemployment reversed course, inched up in May |
| 3,400 more unemployed workers in Silicon Valley (+8% since mid-April) |
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The unemployment rate in Silicon Valley ticked back up to 3.0% in May, following a slight decrease from mid-March to mid-April, according to an analysis by Joint Venture’s Institute for Regional Studies. Overall employment in the region decreased by more than 4,900 workers between mid-April and mid-May, while the number of unemployed persons rose by approximately 3,400. Overall, employers have added just under 2,600 workers between May 2022 and May 2023.
Total employment in the region is up by 179,200 since April 2020, but the gains mostly reflect the recovery from heavy job losses associated with the beginning of the COVID-19 pandemic. “So far in 2023, the unemployment rate has been above 3.0% for more total months than over the entire year of 2022, and we only have estimates through May,” said Ryan Young, Research Manager for BW Research and an affiliated researcher at the Institute. “One bright spot is that Leisure and Hospitality continues to gain ground and now the sector is just 5,900 jobs away from pre-pandemic levels.” |
| Read the release |
| Joint Venture Board welcomes new members: |
Charles Atkins, Partner, McKinsey
Steven A. Weiner, President, Menlo College |
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The Joint Venture Silicon Valley board of directors has added two distinguished new members: Charles Atkins, a Partner in the Silicon Valley office of McKinsey & Company and Steven A. Weiner, President of Menlo College.
Charles Atkins is a leader in McKinsey’s Technology, and Growth, Marketing & Sales practices where he develops and publishes McKinsey’s perspective on go-to-market and customer experience issues. During his time at McKinsey, Atkins has worked at the intersection of technology, economics, and finance through the McKinsey Global Institute. He has published several reports including Debt and Deleveraging, Lions on the Move, and The New Powerbrokers, among others.
Steven A. Weiner is President of Menlo College, a private non-profit accredited college in Atherton. Weiner has been with Menlo College since 2013, first as Executive Vice President, and as President since 2017. He obtained his MBA from the University of Chicago and worked there for 16 years, the last eight of which were in the role of Associate Dean and Principal Business Officer of the Pritzker School of Medicine.
“We are so very pleased to welcome Charles Atkins and Steven Weiner to our board,” said Russell Hancock, President & CEO of Joint Venture. “Their experience will bring a high degree of brain power to our strategic planning and research by our Institute.” |
| Read the release |
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Neeraj Vadhan’s personal story has shaped his life’s path. Energetic and engaged, he frequently weaves the word fortunate into conversation as he warmly recalls his early years in the close-knit community of Baldwin, New York, on Long Island.
Neeraj is Senior Managing Director and Senior Client Lead at Accenture, a multinational professional services company. He serves on the board of directors at Joint Venture Silicon Valley, sitting on the executive committee.
Neeraj describes himself as a “hands-on, roll up your sleeves” innovator, able to bridge communications between coders and business leaders. He has incubated new capabilities in operations and technology and opened five new delivery centers. He is named on four patents for platforms using artificial intelligence to run scaled operations more effectively. |
| Read Neeraj's profile |
| Webinar: Cleantech Business for a Climate-Safe Future |
Hosted by
The Climate Center & Joint Venture Silicon Valley |
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Wednesday, July 19 • 10:00 - 11:30AM PT
Join us on Wednesday, July 19 to hear experts explore how businesses and entrepreneurs are already contributing to climate solutions and their role in accelerating the transition to a clean energy economy. The panel will include a high-tech, energy efficiency service company, a business using energy analytics to help Community Choice Agencies reduce greenhouse gas emissions, and a collaboration between the solar company SunPower and GM that uses electric vehicles to provide backup power to residences. Presenters will discuss the challenges and opportunities they face and how they communicate their value proposition to customers. They will also reflect on what additional policies are needed to scale the market, and how they can leverage both state and federal funding available. |
| Learn more and register |
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June 23, 2023 - (MSN) - Feeling the pain: Annual Silicon Valley index reveals widening chasm of wealth inequality: If Silicon Valley was a nation, it would be deemed politically unstable, said Myers-Lipton, quoting Russell Hancock, CEO of Joint Venture Silicon Valley... More
June 19, 2023 - (Mercury News) - Bay Area posts robust May job gains, bounces back from weak stretch: “The tech layoffs have been grabbing a lot of attention, but in actual fact, the overall economy is growing,” said Russell Hancock, president of Joint Venture Silicon Valley...More
June 16, 2023 - (Bloomberg) - Abu Dhabi’s G42, Israel’s Viola Launch Tech Talent Venture... More
June 14, 2023 - (Hoodline) - ~20% of Silicon Valley Homes Hold Zero or Negative Net Worth: according to feedback from the Joint Venture Silicon Valley... More
June 13, 2023 - (SiliconValley.com) - Report: Eight Silicon Valley households have six times more wealth than bottom 500,000: Joint Venture Silicon Valley think tank’s February Silicon Valley Index,... More
June 13, 2023 - (San Jose Spotlight) - Silicon Valley inequality persists four years in a row: Russell Hancock, CEO of Joint Venture Silicon Valley and president of the Silicon Valley Institute for Regional Studies, said the region is a punishing place...More
June 2, 2023 - (NBC) - ‘We're OK': Job Growth Continues in the Bay Area, Country: "...actually, we're OK," said Joint Venture Silicon Valley CEO Russell Hancock...More
This is just a tiny sampling of Joint Venture's frequent coverage in the national and local news media. Read all our news coverage. |
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