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| Institute: Unemployment ticks up to 3.5% in June |
| Leisure & Hospitality adds 5,800 jobs and total labor force increased by more than 3,600 people |
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The unemployment rate in Silicon Valley reached its highest level (3.5%) since October of 2021, when it was 3.8%. This is after a slight increase from mid-April to mid-May, according to analysis by Joint Venture’s Institute for Regional Studies. Silicon Valley’s June unemployment rate increase of 0.5 percentage points represents the largest increase since the unemployment rate moved 0.6 percentage points from December 2022 to January 2023. Overall employment in the region decreased by nearly 2,500 workers between mid-May and mid-June, marking the third month in a row that employment decreased in Silicon Valley.
On a brighter note, the total labor force in Silicon Valley increased by more than 3,600 people (+0.2%) from mid-May to mid-June and Leisure and Hospitality added 5,800 jobs.
“The unemployment rate increased significantly in Silicon Valley from May to June, reaching a level that has not been seen for the better part of two years,” said Ryan Young, Research Manager for BW Research, and an affiliated researcher at the Institute. “Despite overall higher unemployment in the region, Leisure and Hospitality maintained its positive momentum, adding 5,800 jobs and surpassing pre-pandemic levels for the first time, mostly aided by hiring at restaurants.” |
| Read the report |
| Food Recovery Initiative launches onsite program for affordable housing sites |
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In June, Joint Venture’s Food Recovery Initiative launched an innovative new pilot program at three affordable housing sites in Santa Clara County. Funded by its long-time partner and collaborator, the Santa Clara County Department of Public Health’s CalFresh Healthy Living Program, the Affordable Housing Food Recovery pilot will provide a regular supply of recovered food to affordable housing sites.
The program connects affordable housing locations with a food recovery organization to augment the quantity, variety, and convenience of food assistance available to residents. Martha’s Kitchen, a well-established and respected food recovery organization with a robust network of food recovery and distribution partners, was chosen as a partner for the pilot, handling all aspects of food recovery and distribution to local sites.
Joint Venture has partnered with Alta Housing and First Community Housing to kick off the program at three locations in San Jose and Palo Alto, each serving over 150 residents. From inception, Martha’s Kitchen has delivered a variety of fresh produce, groceries, and prepared meals to each site multiple times a week.
Joint Venture’s food recovery team will evaluate and report on the results of the preliminary phase in October. |
| learn more |
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Meet Ashley Raggio, COO of Joint Venture Silicon Valley. A visionary leader committed to transforming her community, she has a profound understanding of the challenges faced by her fellow citizens and has spent years working to bring about balance in a region notoriously rife with inequality. Ashley envisions a future where every member of her community thrives. She leans heavily into the challenge with talent and enviable organizational skills.
Her “aha moment” came when she worked at San José State as a student success coordinator at the Center for Service Learning. “I was helping students reflect on their service experience and to connect it to learning, especially civic participation,” she says. She envisioned the same path for herself, and has been working with the community ever since. |
| Read Ashley's profile |
| Save the Date for Silicon Valley Poll Briefing |
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On October 4, this year’s Silicon Valley Poll Briefing will dissect the results of the annual public opinion survey overseen by Joint Venture’s research arm, the Silicon Valley Institute for Regional Studies in partnership with The Mercury News and the Bay Area News Group. The effort, in its third year, has become one of the most closely watched surveys in the region.
Joint Venture will host an in-person briefing featuring detailed analysis as expert panelists probe deeper questions about the Bay Area. Russell Hancock, CEO of Joint Venture, will be joined by some of the most insightful journalists from The Mercury News. |
| Learn more |
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July 21, 2023 - (Mercury News) - Bay Area hiring surges in June, powered by big South Bay job gains: “These numbers suggest that we’ve pulled through a period of adjustment, and we’re poised now for liftoff,” said Russell Hancock, president of Joint Venture Silicon Valley... More
July 18, 2023- (Northwest Democrat Arkansas Gazette) - Job cuts ease at Bay Area tech firms: Silicon Valley's underlying fundamentals are sound," said Russell Hancock, president of Joint Venture Silicon Valley... More
July 17, 2023- (Silicon Valley) - Massive job cuts start to ease: “These numbers confirm what our instincts have been telling us, that Silicon Valley’s underlying fundamentals are sound,” said Russell Hancock, president of Joint Venture Silicon Valley... More
July 13, 2023 - (San Jose Spotlight) - East San Jose free food market targets hunger crisis: According to ...Joint Venture Silicon Valley Institute for Regional Studies, wealth inequality in the region is more pronounced than in the U.S. overall... More
July 12, 2023 - (Mercury News) - Inflation cools off further in Bay Area as consumer prices ease: "...we’re seeing the most inflation where there is a local component, especially around food and consumer spending,” said Russell Hancock, president of Joint Venture Silicon Valley... More
July 9, 2023 - (SF Gate) - News Roundup - Silicon Valley's unemployment rate has inched up: Russell Hancock, CEO of Joint Venture Silicon Valley, said residents shouldn't be worried... More
July 8, 2023 - (KTVU) - Unemployment rate in Silicon Valley lower than rest of California: ...according to a recent report from Joint Venture Silicon Valley... More
July 6, 2023 - (San Jose Spotlight) - Unemployment rate in Silicon Valley lower than state: Russell Hancock, CEO of Joint Venture Silicon Valley, said residents shouldn’t be worried about the gradual uptick. 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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