While the the labor market continues to be hot nationwide, it cooled off more than a year ago in Silicon Valley.
It's not just the San Jose metropolitan area that has seen wages slump. Average weekly earnings were also down year-over-year in the San Francisco metropolitan area, which includes San Mateo, San Francisco, Marin, Contra Costa and Alameda counties. In that region, average wages were down 4.1% in August from the year before.
But August marked the first month since 2018 that weekly earnings declined on a year-over-year basis. And even with that drop, average weekly earnings in the state were still up 3.4% from August of 2020.