SF unemployment rate at record level

October 14, 2009 1:25:08 PM PDT
San Francisco's unemployment rate hit a record 10.1 percent in August, according to the city's latest economic report.

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The report, released Tuesday by the city controller's office, said the total was the highest not only of the recession, but since the state began releasing monthly data in 1990.

The report noted that the jobless rate "has been relatively stable," hovering around 10 percent, since June.

"This may indicate that we are reaching a peak in unemployment, although there is no sign yet of any local job recovery," the controller's office said.

The report also noted that residential real estate prices, now at a median of $635,000, remained relatively stable in July and August.

Asking rental prices, now at an average of $1,919 for a one-bedroom apartment, have increased for three straight months.

Commercial real estate rents continued to decline, sinking 3.5 percent on average in the third quarter and off almost a third in the past year.

Slight increases in travelers flying into San Francisco International Airport "have not yet translated into healthier numbers for San Francisco's hotel industry," the report said.

Hotel occupancy rates through July were down 4.6 percent from July 2008, and average daily room rates were down 18.8 percent.

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