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San Francisco’s Unemployment Rate
By admin | November 7, 2007
The unemployment rate in San Francisco dropped significantly between the months of August and September, from 6.7 to 4.2 percent. As schools throughout the city re-open their doors, many of those without employment for the summer season are able to return to work. Although the lower jobless rate shows some month-to-month improvement, the statistics aren’t as positive as those of previous years.
Last September only 3.7 percent of the city’s population were without work. This year’s unemployment increase can, for the most part, be blamed on the current housing situation. With real estate sales experiencing a slump, both the construction and mortgage industries have been unable to offer as many San Francisco jobs as they have in previous years.
Although the housing market has lessened the number of available San Francisco jobs in these industries, other’s continue to grow significantly. Unaffected by challenging real estate issues, both professional and business services and the leisure and hospitality industries continued to create a fair amount of new San Francisco jobs throughout September
Despite the fact that that city’s rising cost of living is causing some concern, the San Francisco job market is in an overall good state. Job search expert and president of Innovations PSI Paula Todd says that “[I]n the financial services sector in particular, San Francisco continues to be a robust job market, with more job growth to date in 2007 then we have seen in previous years.” She went on to say that there were demands for a variety of differently skilled workers, with available San Francisco jobs needing to be filled running from receptionists and administrative positions to executive and investment banking jobs.
For those searching for high end executive positions, San Francisco jobs offer some of the highest salaries to be found in the country. This fact was confirmed by TheLadders.com’s third-quarter Executive Job Market Tends report, which showed that San Francisco ranked in the top three highest paying cities for such positions. John Roderick, a spokesperson for TheLadders.com com, says that “employers are willing to do whatever it takes to attract much-needed talent.”
Due to the area’s high demand of more experienced workers in the finance, biotech, and IT industries, employers are have no choice but to offer larger salaries in hopes of drawing in the best and most talented individuals from a very limited pool of employees.
Topics: Job Search |