Preliminary May labor force data counts for San Francisco, Marin and San Mateo counties pegs the unemployment rates at 7.4%, 6.3% and 6.8% respectively, unchanged in San Francisco and San Mateo, down 0.1 points in Marin.
According to the State’s data released today, the labor force (469,700), number of employed (435,000), and number of unemployed (34,700) in San Francisco were all unchanged from April to May which is either a reporting error or the first time in fourteen months that our employment number didn’t rise.
Assuming the latest release is correct, employment remains up by 23,200 workers in San Francisco year-over-year but remains 30,500 workers below a December 2000 dot-com peak (at which point the unemployment rate measured 3 percent).
Overall unadjusted California unemployment fell to 10.4% in May as the labor force increased by 62,300 workers and the ranks of the unemployed fell by 20,000.
∙ Monthly Labor Force Data for Counties: May 2012 (Preliminary) [EDD]
∙ San Francisco Employment Up By 2,400, Unemployment Under 8% [SocketSite]
∙ San Francisco Employment Trends And Dot-Com Context [SocketSite]
Facebook has had an executive hiring freeze since a few days after the IPO.
A few days later, Google donated a bunch of space in NYC, which companies usually do when their hiring plans get seriously clipped.
Obviously HP is starting to lay off a lot of people.
Still, zero gains surprises me.
Sorry, but that is not even a remotely coherent chain of events from which to essay. Typical.