Pay increases are the norm nationwide. But that hasn't been the case in Silicon Valley for months.
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.
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