Bay Area Unemployment Hits 13 Percent, Labor Force Shrinks

a4359 San Francisco Employment 04 20 Bay Area Unemployment Hits 13 Percent, Labor Force Shrinks

Based on employment data through the second week of April, at which point the ongoing impact of the COVID-19 pandemic was still picking up steam, the estimated number of San Francisco residents with a paycheck has dropped by nearly 92,000 over the past two months to 482,100 and the labor force has shrunk by nearly 36,000 for an unemployment rate of 12.6 percent.

As a point of reference, the unemployment rate in San Francisco maxed out at around 9.4 percent at the height of the Great Recession in January of 2010, at which point there were 45,400 fewer people employed in San Francisco than today.

Over in Alameda County, which includes the City of Oakland, the estimated number of employed residents has dropped by 127,600 over the past two months to 687,800 and the unemployment rate has just ticked over 14 percent.

b3299 Alameda County Employment 04 20 Bay Area Unemployment Hits 13 Percent, Labor Force Shrinks

Across the greater East Bay, including Solano County, total employment has dropped by 240,000 to 1,317,000 with a blended unemployment rate of 14.3 percent.

Up in Marin, the number of employed residents has dropped by 22,000 over the past two months to 114,500 with an unemployment rate of 11.1 percent. Employment in Napa is down by 10,000 to 61,200 for an unemployment rate of 15.8 percent. And employment in Sonoma County has dropped by 51,700 over the past two months to 199,800 with an unemployment rate of 15.3 percent.

Down in the valley, employment in San Mateo County has dropped by 72,600 over the past two months to 380,600 and employment in Santa Clara County has dropped by 133,600 to 894,500 for a blended unemployment rate of 11.6 percent.

b3299 Silicon Valley Employment 04 20 Bay Area Unemployment Hits 13 Percent, Labor Force Shrinks

And as such, total employment across the Bay Area – which peaked at a downwardly revised 4,113,700 this past October, which shouldn’t catch any plugged-in readers by surprise – has dropped by over 620,000 over the past two months to 3,449,700 and the labor force has contracted by 216,000 for an unemployment rate of 13.1 percent.

b3299 Bay Area Labor Force and Employment 04 20 Bay Area Unemployment Hits 13 Percent, Labor Force Shrinks

Article source: https://socketsite.com/archives/2020/05/bay-area-unemployment-ticks-over-13-percent.html

This entry was posted in SF Bay Area News and tagged . Bookmark the permalink.

Comments are closed.