Overall unemployment rate moved down to 3.4% with the biggest shift in Restaurants & Hotels, which gained 8,900 roles, based on the most recently available information published in April 2022.
Total employment in the San Francisco-Oakland-Hayward, CA market rose by 38,350 jobs in February and the unemployment rate decreased compared to the prior month by 50 bps to 3.4%. The national unemployment rate decreased by 28 bps over the same time to 4.1%.
- San Francisco-Oakland-Hayward, CA unemployment rate is 74 bps below the national rate which is a positive sign.
- Unemployment in the market is 280 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in February versus prior month by 2.3% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.1% . Key sectors include:
- Business Services: 505,700; +2,300
- Education & Healthcare: 370,700; +4,800
- Transportation & Utilities: 356,500; -1,300
- Government: 312,500; +2,700
- Restaurants & Hotels: 218,800; +8,900
- Manufacturing: 151,300; +1,800
- IT & Development: 142,700; +100
- Financial Services: 142,200; +1,400
- Construction, Mining: 122,400; +4,700
- Other Jobs: 79,400; +1,400
Data is based on the most recent 12 months available, through February 2022 (Data published April 2022 and reports created on April 6, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.