Having ticked up in October, the number of people living in San Francisco with a job increase by another 5,500 over the past month to a record 571,000 at the end of November and the labor force increased by 5,000 to 583,700, pushing the unemployment rate, which hit a record low of 2.1 percent in April, back down to 2.2 percent.

And as such, there are now 134,300 more people living in San Francisco with paychecks than there were at the start of 2010 and 13,900 more than at the same time last year versus a year-over-year increase of 12,300 at the same time last year or a year-over-year gain of 15,900 in November of 2015.

In Alameda County, which includes the City of Oakland, the estimated number of people living in the county with a paycheck jumped by 7,400 to a record 846,000, which is 153,200 more than at the start of 2010 and 20,500 above its mark at the same time last year, and the unemployment rate dropped to 2.8 percent.

Across the greater East Bay, total employment ticked up by 12,200 in November to 1,407,900 and is now running 34,500 above its mark at the same time last year while the unemployment rate has dropped to 2.8 percent as well.

Up in Marin, the number of employed residents inched up by 400 to 142,400, which is 4,000 above its mark at the same time last year, and the unemployment rate has dropped to 2.0 percent.

And down in the valley, employment in San Mateo County increased by 4,400 to a record 455,400 in November, which is 4,400 above its mark at the same time last year, and the unemployment rate has dropped to 2.0 percent while employment in Santa Clara County increased by 10,900 to a record 1,058,400, which is now 40,400 more than at the same time last year, and the unemployment rate has dropped back down to 2.4 percent, resulting in a blended unemployment rate of 2.3 percent across Silicon Valley and 2.5 percent across the greater Bay Area.

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Comments from “Plugged-In” Readers

  1. Posted by SFRealist

    This is why the BA will ride the coming recession better than most places, though it will still be ugly.

  2. Posted by JRRGER

    Just think if the UE rate ever normalizes back to ~5%. Half of all working people would lose their jobs here.

    • Posted by that_dude

      Do you really think the big tech employers are going to lose 50% of their employees? or Napa Valley? or the Health Sector?

      Not sure where you get your information.

  3. Posted by Brahma (incensed renter)

    From California Association of Realtors chief economist Leslie Appleton-Young late last week, California real estate market is changing, but it’s not cataclysmic:

    “The question is, how long can the economy be strong if housing is not?” asked Appleton-Young out loud…“At some point a supply problem becomes a demand problem.” [She] believes California will continue to outpace the rest of the country, but job growth will suffer because of affordability. The homeownership rate is falling on a year-over-year basis. It is believed that California will become a majority renter state by 2025…expect a 7 percent pullback in sales next year, she said, noting Realtors need to counsel and educate consumers about the market.

    Emphasis mine. If you’re a seller and over leveraged, it’s time to get out while you still can. Jerome Powell isn’t selling any put options.

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