While the unemployment rate in San Francisco has just dropped to a record low 2.1 percent, the number of people living in the city with job has actually dropped by 5,400 to 552,400 since the beginning of the year, having dropped by 3,200 last month alone. But with the labor force having also contracted by 7,300 to 564,300, the unemployment rate has been driven down.
That being said, there are still 2,700 more people living in San Francisco with paychecks than there were at the same time last year and 115,700 more since the start of 2010. But the year-over-year growth rate of 0.49 percent last month was the lowest since 2009 (which was the last year in which there was a net decrease in San Francisco employment across its first four months).
In Alameda County, which includes the City of Oakland, the estimated number of people living in the county with a paycheck has dropped by 5,700 since the beginning of the year to 819,300, including a drop of 4,500 last month, but remains 5,300 higher on a year-over-year basis with a gain of 126,500 since January of 2010. And the unemployment rate in Alameda county has dropped to a record low 2.7 percent as the labor force contracted by 8,900 over the past four months.
Across the greater East Bay, employment has slipped by 9,200 to 1,363,000 since the beginning of the year but remains 9,000 above its mark at the same time last year and the unemployment rate has dropped to a record low 2.7 percent.
Up in Marin, the number of employed residents has dropped by 1,500 to 136,200, which is 400 lower on a year-over-year basis, while the unemployment rate has dropped to 2.2 percent.
And down in the valley, employment in San Mateo County has dropped by 4,100 over the past four months to 440,400 but remains 2,400 higher on a year-over-year basis, with a record low unemployment rate of 2.0 percent, while the number of employed residents in Santa Clara County has slipped by 2,200 since the beginning of the year to 1,018,500, which is 20,000 more than at the same time last year with an unemployment rate of 2.4 percent which matches the record low set in December of 2000.