April 19, 2013

SF Unemployment Rate Drops To 6.0% For First Time Since 2008

Preliminary labor force counts for San Francisco, Marin and San Mateo counties peg the current unemployment rates at 6.0%, 5.2% and 5.7% respectively, down 0.3 points from February to March in San Francisco, down 0.2 points in Marin and San Mateo.

Following an 4,500 increase in February, the number of employed dwellers in San Francisco fell by 1,000 in March to 452,100 as the labor force fell by 2,500 to 480,900 and the number of unemployed fell by 1,500 to 28,900.

The unemployment rate in San Francisco hasn't been as low as 6.0 percent since November of 2008, peaking at 10.1 percent in January of 2010 when 43,300 fewer San Francisco residents were employed than today.

Employment in San Francisco is currently up by 19,500 workers on a year-over-year (YOY) basis versus 22,500 the month before but remains 13,500 workers below a December 2000 dot-com peak (at which point the unemployment rate measured 3 percent).

The unadjusted unemployment rate in California fell to 9.4% in March as employment fell by 19,300 and the number of unemployed fell by 69,900.

San Francisco Employment Trends And Dot-Com Context [SocketSite]
Monthly Labor Force Data for Counties: March 2013 (Preliminary) [EDD]

First Published: April 19, 2013 9:15 AM

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