Unemployment rates continue to climb. According to information released Thursday, March 5, the January 2009 unemployment rate for the San Francisco-San Mateo-Marin area was 7.5%, up from 6.2% in December 2008 and 4.3% in January 2008. The total number of jobs in the area decreased by 23,400, with the largest losses in clothing and department store positions, followed by leisure and hospitality, then professional and business services.
As previously reported, the national unemployment rate climbed to 7.2% and the California rate rose in January to 10.1%-an increase over the December 2008 rate of 8.7% and 6.1% in January 2008.
In January 2009, San Francisco's unemployment rate was 8%-up from 6.5% in December 2008 and 3.6% a year before in January 2008-its highest rate since January 2003 (7.2%.) San Francisco's current unemployment rate represents the fifth-lowest in the State, after Orange Country at 7.5%, San Mateo at 7.2%, and Marin at 6.6%.
Other current Bay Area county unemployment rates are as follows: Napa-8.5%, Sonoma-8.6%, Santa Clara-9.3%, Solano-10.1%, Alameda-9.3% and Contra Costa-9.0%.
Some additional California unemployment rates to note: Los Angeles-10.8%, Sacramento-10.6%, San Diego-8.6%, and Stockton-15.1%.
Source: California Employment Development Department
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Consumer Trends In light of the current economy Americans are redefining which purchases are most important to them. "Today's economy has had an impact on every American, and retailers are dealing with very different shoppers than they were one year ago," says Phil Rist, executive vice president with BIGresearch. "While many people have opted to trade down, some refuse to sacrifice certain luxuries, cutting items they feel are expendable to compensate." Examples of such expendable items, according to survey participants: luxury handbags, satellite radio, specialty apparel, high-end cosmetics, maid service and facials. |
Top Ten Consumer "Must Haves"
Source: BIGresearch, American Pulse Survey December, 2008 |
For more information please contact
Dennis
Conaghan
Executive Director
415.352.8819
Email: dconaghan@sfced.org
www.sfced.org