Overall unemployment rate moved down to 2.5% with the biggest shift in Government, which lost 17,400 roles, based on the most recently available information published in August 2022.
Total employment in the San Francisco-Oakland-Hayward, CA market rose by 31,932 jobs in July and the unemployment rate decreased compared to the prior month by 10 bps to 2.5%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- San Francisco-Oakland-Hayward, CA unemployment rate is 128 bps below the national rate which is a positive sign.
- Unemployment in the market is 340 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 2.8% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.1% . Key sectors include:
- Business Services: 528,900; +6,700
- Education & Healthcare: 368,500; -1,500
- Transportation & Utilities: 361,800; +1,600
- Government: 298,700; -17,400
- Restaurants & Hotels: 241,100; +3,400
- Manufacturing: 155,500; +200
- IT & Development: 150,100; +3,100
- Financial Services: 142,800; +1,100
- Construction, Mining: 132,900; +4,500
- Other Jobs: 85,700; +1,000
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.