San Francisco unemployment rate dips to 4.1% in June
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San Francisco's unemployment rate fell to a seasonally adjusted 4.1% in June as the national rate ticked down, new federal data shows.
Why it matters: San Francisco's unemployment rate is 0.1 percentage points below the national rate, and a bit higher than half of the areas surveyed by the U.S. Bureau of Labor Statistics jobs report.
The big picture: The lowest rate was Rapid City, South Dakota, at 1.9%.
- The highest was Southern California's El Centro at just under 19%, while Visalia, California, also topped 10%.
Context: Our area added 14,500 jobs since last June. The state added 135,900 jobs during the same period.
What we're watching: The Fed's policymaking committee appears to be more focused on inflation than the job market. They left their key interest rate unchanged on Wednesday, leaving interest rates on credit cards and car loans elevated.
The bottom line: A stable local employment picture can be welcome news, but it doesn't necessarily translate into relief for household budgets.