Aug 6, 2024 - News
Bay Area's unemployment rate up since last year
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The Bay Area's June unemployment rate was slightly down compared to May, but higher than the year prior.
By the numbers: The San Francisco-Oakland-Hayward metro area's unemployment rate was 4.1% in June, up from 3.5% from June 2023.
The big picture: The national unemployment rate is above 4% for the first time since 2021 as it's taking workers longer to find jobs.
- That bears watching for signs of economic weakness. For now, though, policymakers still see it as a solid labor market.
The bottom line: The economy is no longer in the rip-roaring state that helped stoke inflation.
- Rather, economic activity is slowing, so far, in a way that isn't too sudden. The gentle cooling gives the Fed room to cut interest rates possibly as soon as September.