While the unemployment rate in San Francisco returned to a record low 2.1 percent last month, the drop was driven by a reduction in the size of the labor force and the number of people living in San Francisco with a paycheck actually decreased by 5,700 to 566,200, which is down 9,200 since February’s record high and versus an increase of 700 over the same period of time last year.
That being said, there are still 129,500 more people living in San Francisco with paychecks than there were at the start of 2010 and 10,800 more than at the same time last year. But as we first noted last month, the rate of change has actually 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 7,400 over the past month and is down 11,200 over the past two to 821,500 but remains 3,700 above its mark at the same time last year and 128,700 more than at the start of 2010 and the unemployment rate has dropped to a near-record low of 2.7 percent.
Across the greater East Bay, including Solano County, total employment now totals 1,566,200, which is down by 13,000 over the past month and down 20,600 over the past two, while the unemployment rate has dropped to 2.9 percent. And while there are still 4,000 more employed people living in the greater East Bay than at the same time last year, the year-over-year gain has been on the decline since the end of last year, with last month’s gain the smallest since 2011.
Up in Marin, the number of employed residents decreased by 1,400 in March to 136,900, which is a nominal gain of 500 over the past year, while the unemployment rate has dropped to 2.1 percent.
And down in the valley, employment in San Mateo County decreased by 4,600 in April and is down 7,400 since February to 447,700 but remains 8,100 above its mark at the same time last year with an unemployment rate of 2.3 percent, while employment in Santa Clara County dropped by 8,600 and is down 13,100 over the past two months to 1,023,700, which is still 11,500 more than at the same time last year with an unemployment rate of 2.3 percent, resulting in a blended unemployment rate of 2.2 percent across Silicon Valley.
As such, the unemployment rate for the Bay Area as a whole has dropped to 2.4 percent with a total of 4,065,300 people employed. And while that’s still 33,800 more people with paychecks living in the Bay Area than at the same time last year, that’s 33,500 fewer than the month before and down 53,600 since February, versus an increase of 5,000 from February to April of last year.