Having recorded an above-average bump in seasonal hires in July, the number of people residing in San Francisco with a job dropped by 3,000 over the past month to 557,200. But with the labor force having dropped by 3,300 to 570,900, the employment rate in the city dropped from 2.5 percent to 2.4 percent in August as well.
That being said, there are still 120,500 more people living in San Francisco with paychecks than there were at the start of 2010 and 3,800 more than at the same time last year (versus a year-over-year increase of 8,400 in August of 2017 or a year-over-year gain of 20,800 in August of 2015).
In Alameda County, which includes the City of Oakland, the estimated number of people living in the county with a paycheck also dropped by 3,300 to 823,100, which is still 130,300 more than at the start of 2010 and 6,200 above its mark at the same time last year and the unemployment rate has inched down to 3.1 percent.
Across the greater East Bay, total employment dropped by 5,300 in August to 1,369,500 but remains 10,500 above its mark at the same time last year and the unemployment rate has dipped to 3.1 percent.
Up in Marin, the number of employed residents held at 139,100 in August, which is 1,600 higher versus the same time last year, while the unemployment rate dropped to 2.4 percent.
And down in the valley, employment in San Mateo County dropped by 2,300 to 444,100 in August, which is 3,100 above its mark at the same time last year, while the unemployment rate held at 2.3 percent, and employment in Santa Clara County slipped by 5,200 to 1,030,400, which is 19,200 more than at the same time last year with an unemployment rate of 2.6 percent and 2.5 percent across Silicon Valley overall.
Not an economist – but it looks like we plateaued late last year? So even though its getting easier for people to get a job – they are leaving instead?
I keep reading how while we have a large migration out – the migration into SF is greater – and the population is growing. So are they just not joining the labor force? Working under the table?
Retiring, I guess. The pile in the bank is big enough for some after a good acquisition or stock market run-up. Stay home parent becoming an option, etc.
Makes sense. Just walking around the neighborhoods I think SF is becoming a town of older people. Young people can’t afford to live here anymore.
I can’t tell if you’re being sarcastic. It’s true that kids are few as has been the case since the 80s. But the numbers in their 20s and 30s are higher than California generally, and this is obvious from walking around most parts of town. It is true that the younger population is far wealthier than used to be the case.