San Francisco Unemployment Rate

San Francisco Unemployment Rate San Francisco Unemployment Rate San Francisco Unemployment Rate In 2014, San Franciscos unemployment rate consistently remained below those of other California cities and the United States as a whole, according to the Bureau of Labor Statistics (BLS). In December of 2014, the San Francisco unemployment rate was 4.4 percent, more than a full percentage point lower than the US nemployment rate of 5.6 percent. Likewise, San Francisco had lower unemployment rates in 2014 than any other California market, including the Los Angeles unemployment rate. The BLS reported that San Franciscos December 2014 unemployment rate was the lowest of any California city, including: San Jose 4.6 percent San Diego 5.2 percent Sacramento 6.2 percent Los Angeles 6.7 percent Fresno 11 percent San Francisco Unemployment, Post-Recession San Francisco withstood the steep economic downturn of 2008,known as The Great Recession remarkably well. Prior to this, the citys unemployment rates hovered around three and four percent. When the recession struck, the citys unemployment rose but not nearly to the extent experienced by other California cities and the country in general. For example, the U.S. unemployment rate during the recession peaked at 10 percent in October of 2009. San Franciscos unemployment rate for this month was 9.4 percent, compared with 13.4 percent for Los Angeles, and 12.1 percent for California as a whole. Since the recession, San Francisco has made a vigorous recovery. From the start of the recession in 2007 to 2013, San Francisco added more private jobs to its economy than 47 of the 50 states, according to the BLS. By July of 2011, San Franciscos unemployment rate had dropped to 8.8 percent. That figure further decreased to 7.6 percent in July 2012, 6 percent in July 2013, and 4.9 percent in July 2014. Additionally, in 2014, San Francisco posted the third-highest year-over-year percentage increase in employment of all U.S. metropolitan areas (+3.7 percent). The Role of Local Industries Over the past seven or eight years, several local industries have heavily influenced San Franciscos employment outlook. The citys economic comeback after the recession is largely credited to a boom in the tech sector, which created droves of support jobs such as lawyers, construction workers and baristas. Approximately 68,000 people work in San Franciscos information/tech sector, which accounts for 13 percent of all private jobs. Moreover, of the 67,000 private-sector jobs San Francisco has added since 2010, the tech/info sector accounted for 21,000 jobs. Economists expect that the citys burgeoning tech sector will help keep unemployment low for the foreseeable future. Interestingly, San Franciscos manufacturing sector has also made an unexpected turnaround, halting a downsizing trend of several decades. The sector grew in 2012 for the first time since 1989. Furthermore, the citys massive and prosperous financial sector has also helped to lower unemployment numbers. Measured by wages earned or number of jobs, San Franciscos accounting/financial/legal sector remains the largest in its economy. 18,900 jobs were added to the citys economy in 2014 in the professional and business services area. Unemployment Challenges No urban area is without its economic challenges, including San Francisco. These local industries have contributed to unemployment in the recent past. For instance, in 2014, the citys leisure and hospitality sector saw a three percent decline in employment. The healthcare sector also contributed to unemployment, with hospitals experiencing a drop in employment of 3.8 percent. Finally, San Franciscos retail sector also suffered over the past year, with declines of 0.5 percent and 1.8 percent in food and beverage store and clothing store employment respectively. A key measure of labor supply, the national unemployment rateis defined as the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. Use the links below to see unemployment trends from the 28 major metropolitan markets: Atlanta Detroit New York City San Francisco Boston Houston Philadelphia Seattle Chicago Los Angeles Pittsburgh Washington, D.C. Dallas Related Resources Post a Job: San Francisco