Preliminary October labor force data counts for San Francisco, Marin and San Mateo counties pegs the unemployment rates at 8.1%, 7.2% and 7.9% respectively, down 0.1 percentage points in San Francisco and San Mateo, down 0.2 in Marin.
On a revised basis, the number of unemployed in San Francisco fell by 300 in October (from 37,900 to 37,600) while the labor force increased by 2,700 (from 459,600 to 462,300) and the number of employed increased by 3,000 (from 421,700 to 424,700).
Overall unadjusted California unemployment fell to 11.3% as the labor force increased by 55,200 workers and the ranks of the unemployed fell by 18,700.
∙ Monthly Labor Force Data for Counties: October 2011 (Preliminary) [EDD]
∙ San Francisco And California Employment Increase In September [SocketSite]
Overall I think that is pretty positive news. Shows that people entering (or re-entering after having previously dropped out of the unemployment pool) are finding jobs. The job market was able to absorb the new people and reduce the unemployment pool slightly.