January 24, 2014

San Francisco Unemployment Rate Under 5%, First Time Since 2008

The unemployment rate in San Francisco fell from 5.2 percent in November to 4.8 percent in December, the first time the unemployment rate in the city has been below 5 percent since May of 2008 when 432,700 people out of a labor force of 454,100 were employed.

With a current labor force of 484,200, the number of employed residents in San Francisco now totals 461,200, up by 13,400 workers over the past year and within 4,300 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 of 2010 when 53,500 fewer San Francisco residents were employed than today.

The unemployment rates in Marin and San Mateo are down to 4.2 percent and 4.6 percent respectively while the unadjusted unemployment rate for California has fallen to 7.9 percent.

First Published: January 24, 2014 10:00 AM

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