October 24, 2017

Bay Area Unemployment Rates Fall to Lowest Levels Since May

Pacific Union Chief Economist Selma Hepp takes a look at the latest job numbers and trends.

 

  • Hiring bounced back in California in September, with 52,200 jobs created, according to the latest numbers from the state Employment Development Department. August data was revised to 7,700 job losses versus the 8,200 that was previously reported.
  • At 1.7 percent year-over-year job growth, the state again outpaced the national rate of 1.2 percent. Nevertheless, national numbers were impacted by hurricanes in September and are likely to be revised in upcoming months. Over the last year, the state has added 280,300 jobs, and its unemployment rate remained at 5.1 percent in September. The number of employed Californians increased by 113,000 from August and is up 183,000 from last September. The number of unemployed Californian residents was up by 13,000 over the month but down by 37,000 compared with September of last year.
  • Half of the September job gains came from local government, which reflects the return of public school teachers. Other sectors that added positions include trade, transportation and utilities, which was up 13,000 jobs, and other services, up 5,200 jobs. Gains in trade and other services reflect increased consumer spending and should further improve.

 

To read the full analysis, click here: http://pacunion.us/2zMKnD1

 

 


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.