Having hit a record high in February, the number of people living in San Francisco with a paycheck, which typically ticks up in March, actually decreased by 3,400 last month to 572,000 and the unemployment rate, which hit a record low of 2.1 percent at the end of last year, inched up to 2.6 percent.
That being said, there are still 135,300 more people living in San Francisco with paychecks than there were at the start of 2010 and 15,300 more than at the same time last year, but the rate of change has turned negative over the past quarter.
In Alameda County, which includes the City of Oakland, the estimated number of people living in the county with a paycheck dropped by 3,600 over the past month to 829,100 but remains 9,600 above its mark at the same time last year, and 136,300 more than at the start of 2010, with an unemployment rate of 3.3 percent.
Across the greater East Bay, including Solano County, total employment now totals 1,579,500, which is down by 7,300 over the past month but still 15,300 above its mark at the same time last year with an unemployment rate of 3.5 percent.
Up in Marin, the number of employed residents decreased by 800 in March to 138,200 but remains 1,600 above its mark at the same time last year with an unemployment rate of 2.7 percent.
And down in the valley, employment in San Mateo County decreased by 2,700 in March to 452,400 but remains 11,600 above its mark at the same time last year with an unemployment rate of 2.4 percent, while employment in Santa Clara County dropped by 3,800 to 1,033,000, which is still 19,400 more than at the same time last year with an unemployment rate of 2.9 percent, resulting in a blended unemployment rate of 2.7 percent across Silicon Valley.
As such, the unemployment rate for the Bay Area as a whole has inched up to 3.1 percent with a total of 4,099,100 people employed. And while that’s still 63,100 more people with paychecks living in the Bay Area than at the same time last year, that’s 19,800 fewer than the month before and versus an increase of 9,500 in March of 2018 and a typical seasonal bump.