California's unemployment rate for the month of November was above that of the National average. Elsewhere in the country, only 4.5 percent of people were out of work, while 5.6 percent of California residents went without jobs.
Although Silicon Valley's unemployment rate wasn't as high as the rest of the state, it also experience a rise in November. Data shows that 5 percent of residents went without work, up 0.1 percent from the previous month. During November of 2006, only 4.4 percent of those in the area were unable to find jobs. A population increase of 3,500 people may be partially to blame.
Despite the increase in the unemployment rate, Silicon Valley jobs - specifically
job opportunities in San Francisco - were created for the second consecutive month. The local economy continues to remain comparatively healthy regardless of large spread concerns such as the housing crisis and consumer spending.
Nevertheless, the latest labor report put out by the
California Employment Development Department shows there maybe reason for some concern. According to the report, 2,300 Silicon Valley jobs were created by retailers bulking up staff numbers in preparation for holiday shoppers. This may sound like good news, but this number is actually lower than the 3,000 jobs they usually add for the season state labor analyst, Janice Shriver, says.
The smaller than average increase in Silicon Valley retail jobs was made worse by the loss of a larger than normal number of construction jobs. On average, November sees a decrease in this sector of about 400 positions. This year approximately 1,000 construction jobs were done away with. Shriver says that this was, at least in part, due to the housing crisis.
Private colleges, universities, and other professional schools added about 700 jobs, which is average for the area. Manufacturing saw an increase of 600 jobs. Professional business services, which includes everything engineering and research to temp agencies, did little to no hiring. Financial activities, which includes real estate and insurance sales, also remained flat.
Many are concerned that, with the likelihood of the crisis situation of the housing market continuing, that the Silicon Valley job market may continue to look bleak in the new year.
Labels: san francisco jobs
