The unemployment rate in California jumped 0.6 perentage point in May to 6.8%, “the largest one-month increase since the state began keeping records in 1976.” The San Fransciso MSA, however, remains a relative – but not necessarily absolute – stalwart.
In the San Francisco metropolitan area, which includes Marin and San Mateo counties, unemployment was 4.6 percent in May, up from 4.2 percent the month before. In the San Jose area, the rate rose to 5.6 percent from 5.2 percent. And in the Oakland area, including Contra Costa and Alameda counties, unemployment was 5.7 percent, up from 5.3 percent.
“The Bay Area still is the best part of the California economy,” said Howard Roth, principal economist for the California Finance Department. “But the bloom is off the rose.”