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August 2008 Monthly Analysis
> Employment
BAY AREA UNEMPLOYMENT
According to the California Employment Development Department, the unemployment rate in the East Bay was 6.7 percent in July 2008, up from a revised 6.2 percent in June 2008, and above the year-ago estimate of 5.2 percent. This compares with an unadjusted unemployment rate of 7.6 percent for California and 6.0 percent for the nation during the same period. The rate of 6.7 percent was the highest seen in the East Bay since August 2003.
Unemployment rates in the Bay Area’s other metro areas also increased between June and July. San Francisco’s unemployment rate rose to 5.4 percent, from 5.0 percent in June, while unemployment in San Jose climbed to 6.4 percent in July from 6.1 percent in June. In a year-over-year comparison with July 2007, unemployment was over a full percentage point higher in all three Bay Area regions.
BAY AREA LABOR FORCE
In a month-over-month comparison, the East Bay’s labor force (number of individuals currently employed or actively seeking employment) increased by 1,600 workers to reach 1,289,100. San Francisco’s labor force gained 4,700 workers to reach 978,200, and in San Jose the number of workers rose 3,100 to reach 904,100. In a year-over-year comparison, Bay Area regions continued to see gains in labor force numbers. The East Bay had 11,800 more workers in July 2008 than in July 2007, San Francisco gained 22,900, and San Jose added 17,100 more workers.
BAY AREA EMPLOYED RESIDENTS
Between June and July 2008, the number of employed residents (employed persons who reside within the specified region) fell 4,500 in the East Bay, fell 400 in San Jose, and rose 400 in San Francisco. When compared with July 2007, a year-over-year comparison showed the East Bay with 8,700 fewer employed residents, while San Francisco gained 11,700 and San Jose gained 4,000.
BAY AREA PAYROLL EMPLOYMENT
Between June and July 2008, the East Bay lost 11,300 payroll jobs (number of jobs located in the specified region, not including those who are self-employed), San Francisco lost 5,400 and San Jose lost 5,200. In a comparison with July 2007, the East Bay’s payrolls shrunk by 19,500 jobs, while San Francisco gained 7,600 and San Jose lost 1,400. A detailed description of East Bay payroll employment by sector follows in the next section.
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