Having hit a downwardly revised record of 555,000 in September, the number of people living in the city of San Francisco with a job slipped by 1,800 in October to 553,200. But with the labor force having dropped by 3,300 to 568,500, the unemployment rate actually dropped to 2.7 percent.
As such, there are now 87,700 more people living in San Francisco with paychecks than there were at the end of 2000, an increase of 116,500 since January of 2010 and 6,600 more than at the same time last year.
Keep in mind that employment in San Francisco typically ticks up, not down, in October. And the year-over-year gain last month was 50 percent lower than at the same time last year (13,100) and roughly a third the year-over-year gain recorded in October 2015 (18,500).
In Alameda County, which includes Oakland, employment slipped from a record 818,600 to 818,000 in October but remains 8,700 higher versus the same time last year and there are still 126,000 more people living in the Alameda County with paychecks since the beginning of 2010 and the unemployment dropped to 3.4 percent as the labor force fell from 850,200 to 846,600.
And across the greater East Bay, while employment slipped by a nominal 800 to 1,360,500, a decrease in the labor force dropped the unemployment rate to 3.4 percent.
Up north, the number of employed increased by 700 to 140,300 in Marin County, which is now within 600 of the record 140,900 set in December of 2000, and the unemployment rate dropped to 2.6 percent.
And down in the valley, while the unemployment rate in San Mateo County dropped from a downwardly revised 2.7 to 2.5 percent, it was driven by a decrease in the labor force and the number of employed residents actually slipped by 1,200 to 444,600 while employment in Santa Clara County inched up by 600 to a record 1,005,900 and the unemployment rate dropped to 3.0 percent.