Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.6 percent in the second quarter of 2006, according to final estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 5.6 percent.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $22.7 billion in the second quarter, compared with an increase of $175.6 billion in the first quarter.
(Click here for more on GDP and Corporate Profits).
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in August, before seasonal adjustment, according to the Bureau of Labor Statistics. The August level of 203.9 (1982-84=100) was 3.8 percent higher than in August 2005.
(Click here for more on CPI).
The unemployment rate in the Oakland-Fremont-Hayward Metropolitan District was 4.5 percent in August 2006, down from 4.7 percent in July 2006, and below the year-ago estimate of 5.1 percent. This compares with an unadjusted unemployment rate of 4.9 percent for California and 4.6 percent for the nation during the same period.
In August there were 11,200 fewer workers in the East Bay’s labor force than in July, in San Francisco’s there were 6,100 fewer, and San Jose, 3,300 fewer. A year-over-year comparison of August 2006 with August 2005 shows the East Bay with 27,300 fewer, San Francisco with 7,500 less and San Jose with 11,400 fewer. After three months of gains leading into July, losses in August were quite steep.
(Click here for more on Bay Area Workforce, Employed Residents & Payroll).
Between August 2005 and August 2006, the East Bay showed the largest year-over-year growth since August 2000 by adding 23,300 jobs, while San Francisco added 9,600, and San Jose 5,300.
* Construction showed the 29th consecutive month of year-over growth by adding 7,100 jobs. Specialty trade contractors accounted for the bulk of the gains (up 3,900 jobs).
* Professional and business services reported the largest August to August growth since 2000 by picking up 3,600 jobs, mostly in employment services (up 2,400 jobs).
* Educational and health services grew by 3,300 jobs. Gains were scattered throughout educational services (up 1,500 jobs) and health care and social assistance (up 1,800 jobs), which includes hospitals and nursing and residential care facilities.
* Trade, transportation, and utilities added 2,600 jobs, predominantly due to the expansion in retail trade (up 2,400 jobs).
(Click here for more on East Bay Payroll Employment by Sector).
HOUSINGHome sales in the Bay Area declined again in August, as prices continued to level off.
A total of 9,128 new and resale houses and condos were sold in the nine-county region last month. That was up 14.9 percent from 7,941 for July, and down 24.9 percent from 12,154 for August last year, according to DataQuick Information Systems.
Last month was the slowest August since 1997 when 9,080 homes were sold. DataQuick's statistics go back to 1988: the slowest August was in 1992 with 6,326 sales, the strongest was in 2003 with 12,488. The average August sales count since 1988 is 9,530.
(Click here for more on Housing).
Total Construction Permit Change | August ‘05 - August ‘06 | Percent Change |
East Bay | $185,423,452 | 4.3% |
Napa | -$50,849,347 | -14.5% |
San Francisco | $1,160,420,242 | 44.1% |
San Jose | $125,754,094 | 4.3% |
Vallejo Fairfield | -$272,092,421 | -15.9% |
In August 2006 over $425 million in residential permits were issued in the East Bay, up from $187 million in July. This increase in permit values can be attributed to the 1,438 multi-family residential permits issued in the East Bay – the majority issued in the cities of Oakland, Dublin and Emeryville. The number of East Bay Multi-family permits issued in August is the highest number issued in any of the MSAs in over five years. Non-residential permits were down from July 2006 in the East Bay, San Francisco and Vallejo-Fairfield MSAs, while San Jose and Napa both experienced increases.
(Click here for more on Construction Permits).
The PKF Consulting report on hotel trends for July 2006 shows a 0.70 decrease in overall average room rates in Northern California. The East Bay’s average daily room rate showed a year-to-year increase of 5.5 percent, and is now ranked 7th in Northern California. Hotels in the San Jose/Peninsula area saw the largest year-to-year increase in Northern California, with average daily room rates increasing by 12.4 percent between July of 2005 and July of 2006.
(Click here for more on Hotel Occupancy).
