March 2008 Monthly Analysis
> Employment
NOTE: Our next Monthly Analysis will reflect the EDD’s complete 2008 Benchmark of Labor Force, Unemployment and Employed residents. Payroll/Industry employment numbers used in this report have been benchmarked and are up to date.
BAY AREA UNEMPLOYMENT
The unemployment rate in the East Bay was 5.1 percent in February 2008, down from 5.3 percent in January, and above the year-ago estimate of 4.7 percent. This compares with an unadjusted unemployment rate of 6.1 percent for California and 5.2 percent for the nation during the same period. The unemployment rate was 5.1 percent in Alameda County and 5.2 percent in Contra Costa County.
Unemployment rates in the Bay Area’s other metro areas also declined between January and February. San Francisco’s unemployment rate fell from 4.3 percent in January to 4.1 percent in February, while unemployment in San Jose fell from 5.3 to 5.2 percent. Unemployment rates in both regions were up from February 2007 estimates, when the rate in San Francisco was 3.9 percent and 4.7 percent in San Jose.
BAY AREA LABOR FORCE
Between January and February, the East Bay’s labor force (number of individuals currently employed or actively seeking employment) decreased by 5,000 workers to reach 1,280,400. San Francisco’s labor force decreased by 1,400 workers to reach 955,900, and in San Jose the number of workers fell 3,800 to reach 884,200. In a year-over-year comparison, the East Bay had 1,000 more workers in February 2008 than in February 2007, San Francisco gained 11,500, and San Jose added 7,700 workers.
BAY AREA EMPLOYED RESIDENTS
Between January and February, the number of employed residents (employed persons who reside within the specified region) decreased 2,800 in the East Bay and 2,500 in the San Jose region, while San Francisco added 800. An annual comparison showed the East Bay with 6,200 fewer employed residents than in February 2007, while San Francisco gained 9,200 and San Jose gained 3,200.
BAY AREA PAYROLL EMPLOYMENT
Between January and February, the East Bay added 3,400 payroll jobs (number of jobs located in the specified region, not including those who are self-employed), San Francisco added 6,900 and San Jose added 2,900. In a comparison with February 2007, the East Bay lost 3,300 jobs, while San Francisco added 19,000 and San Jose added 7,300. A detailed description of East Bay payroll employment by sector follows in the next section.
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