Having dropped to 4.8 percent in December, its first time below 5 percent since early 2008, the unemployment rate in San Francisco ticked back up to 5.3 percent in January.
The up-tick in San Francisco’s unemployment rate, however, was driven by a 4,100 person increase in the labor force and the number of employed in the city actually increased by 1,400 from December to January and is now at its second highest point in history.
With a current labor force of 488,300, the number of employed residents in San Francisco now totals 462,600, an increase of 14,000 people with jobs over the past year and within 2,900 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 54,900 fewer San Francisco residents were employed than today.
The unemployment rates in Marin and San Mateo ticked up to 4.7 percent and 4.9 percent respectively in January while the unadjusted unemployment rate for California jumped from 7.9 to 8.5 percent as 68,100 jobs were lost across the state.