December 20, 2013
San Francisco Is Closing In On Dot-Com Days Peak Employment
The unemployment rate in San Francisco ticked down from 5.3 percent in October to 5.2 percent in November, matching the lowest unemployment rate in the city since June of 2008 when 434,000 people out of a labor force of 457,800 were employed.
With a current labor force of 483,700, the number of employed residents in San Francisco now totals 458,800, up by 14,300 workers over the past year and within 6,700 of the 465,500 people employed at December 2000's dot-com peak when the unemployment rate measured 3 percent. The unemployment rate in San Francisco topped out at a little over 10 percent in January 2010 when 51,100 fewer San Francisco residents were employed than today.
The unemployment rates in Marin and San Mateo are down to 4.6 percent and 5.0 percent respectively while the unadjusted unemployment rate for California remains at 8.3 percent.
First Published: December 20, 2013 10:00 AM
Comments from "Plugged In" Readers
So that works out to the labor force increasing by 1800 last month, the number of employed increased by 2400 and the number of unemployed declined by 600.
Posted by: Rillion at December 20, 2013 10:28 AM
Keeping fingers crossed - "peaks" are never good things... but I really don't want this to burst; I don't want all the SoMa and other construction to stall or get delayed.
Though that said, some cheaper rents could be nice...
Posted by: Sierrajeff at December 20, 2013 12:06 PM
Lots of jobs have been created on the Peninsula too. The traffic on 101/280 has been insane for months.
Posted by: Willow at December 20, 2013 1:36 PM
proving once again that the liberal socialist San Francisco is a bastion of anti-capitalism.
Posted by: Grubber at December 20, 2013 1:40 PM
Posted by: lyqwyd at December 20, 2013 2:26 PM
^ lemme take a crack at it...
proving once again that (in spite of) the liberal socialists, San Francisco is a bastion of (C)apitalism.
Posted by: poor.ass.millionaire at December 20, 2013 5:35 PM
Nah, liberal socialism is good for business after all. People really do prefer to live, work and play in places with things like good schools and good parks.
Doesn't feel like a bubble yet to me, but we are headed that direction. I have a vested interest in seeing this one last at least another year or two though, so you should discount my opinion appropriately. :)
Posted by: NoeValleyJim at December 20, 2013 6:23 PM
Something to be grateful for, a rising tide lifts all boats.
Posted by: Observer at December 20, 2013 8:37 PM
Yes, a rising tides lifts all boats and drowns the people without them.
Posted by: Rillion at December 23, 2013 10:46 AM