Having ticked down to 6.0 percent in March, the lowest rate since November of 2008, the unemployment rate in San Francisco fell another 0.6 points to 5.4% in April as the unemployment rates in San Mateo and Marin and fell to 5.1% and 4.6% respectively.
The unemployment rate in San Francisco peaked at 10.1 percent in January of 2010 when 48,200 fewer San Francisco residents were employed than today.
On the heels of a drop of 1,000 in March, the number of employed San Francisco residents increased by 3,800 in April to 455,900, the number of unemployed fell by 3,100 to 25,800.
Employment in San Francisco is currently up by 20,900 workers on a year-over-year basis versus 19,500 the month before but remains 9,600 workers below a December 2000 dot-com peak (at which point the unemployment rate measured 3 percent).
The unadjusted unemployment rate in California fell to 8.5% in April as employment fell by 20,900 and the number of unemployed fell by 161,500.
∙ SF Unemployment Rate Drops To 6.0% For First Time Since 2008 [SocketSite]
∙ San Francisco Employment Trends And Dot-Com Context [SocketSite]
∙ Monthly Labor Force Data for Counties: April 2013 (Preliminary) [EDD]
5.4% is a really good number. 10% less unemployment in one month? That’s pretty amazing.
Also, the decrease of the unemployed comes along with an increase of the employed. 2 things you want to see happen during a recovery.
This basically means that 1) the “gave up looking” crowd has shrunk, and that 2) the steady flow of newly retired is overshadowed by people coming here with new jobs.
Marin, San Mateo and SF County are the bottom 3rd in unemployment. A sign that Tech is one of the major forces pulling this recovery up.
Those durn democrats! *shakes fist*
What is meant by “unadjusted unemployment rate”? Does that refer to adjustments for the chronically unemployed?
[Editor’s Note: Unadjusted for seasonality.]