SF unemployment rises; below state average

December 8, 2008 1:45:58 PM PST
Unemployment in San Francisco hit 6 percent in October, a figure not reached since June 2004, according to the city's latest economic report released today.

The report stated that 26,800 San Franciscans were jobless in October, 1,600 more than in September.

However, with a statewide average unemployment rate of 8.2 percent that month, San Francisco had the fifth lowest unemployment rate among all California counties, the report said.

The report stated that "most indicators continue to show accelerating weakness in San Francisco's economy."

The median home sales price in the city continued to be more than 10 percent below last year's median, and October also saw the first recent drop in rental prices, according to the report.

The report did indicate that San Francisco has remained sheltered from collapsing housing prices in other parts of the Bay Area because of its low rate of foreclosures.

In addition, the city's hotel industry continued to show strength, with 87 percent occupancy in October, according to the report.

The city also reported that two technology industry conferences planned for San Francisco in 2009 have been canceled.


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