Overall unemployment rate moved up to 3.9% with the biggest shift in Restaurants & Hotels, which lost 8,300 roles, based on the most recently available information published in March 2022.
Total employment in the San Francisco-Oakland-Hayward, CA market declined by 4,618 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 3.9%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- San Francisco-Oakland-Hayward, CA unemployment rate is 53 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 January versus prior month by 5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.4%. Key sectors include:
- Business Services: 508,300; -500
- Education & Healthcare: 366,200; -6,500
- Transportation & Utilities: 358,600; -8,200
- Government: 309,700; -4,700
- Restaurants & Hotels: 211,300; -8,300
- Manufacturing: 149,400; no change
- IT & Development: 143,900; -1,100
- Financial Services: 140,400; -1,100
- Construction, Mining: 117,200; -2,000
- Other Jobs: 77,800; -1,500
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.