Employment in San Francisco hit a new all-time high in December and the unemployment rate dropped to 3.8 percent, the first time the unemployment rate in the city has been under 4 percent since 2007 and the lowest rate in nine years.
The drop in San Francisco’s unemployment rate was driven by a 1,600 person drop in the labor force (to 502,100) along with a gain of 1,100 jobs.
There are now 482,800 employed residents in San Francisco. That’s 21,600 more employed residents than at the same time last year and 17,300 more than were employed in the city at the height of the dot-com peak in December 2000, at which point the unemployment rate measured 3 percent with a labor force of 480,000, according to California’s Employment Development Department.
San Francisco’s unemployment rate most recently topped-out at a little over 10 percent in January of 2010 when 75,100 fewer San Francisco residents were employed than today.
The unemployment rates in Marin and San Mateo are both under 4 percent as well, having dropped to 3.4 percent and 3.5 percent respectively and the unadjusted unemployment rate for California has dropped to 6.7 percent.