SF Economic Takes (Another) Hit

The hits just keep on coming

Unemployment in San Francisco hit 6 percent in October, a figure  not reached since June 2004, according to the city's latest economic report  released today.

The report stated that 26,800 San Franciscans were jobless in  October, 1,600 more than in September.

However, with a statewide average unemployment rate of 8.2 percent  that month, San Francisco had the fifth lowest unemployment rate among all  California counties, the report said.

The report stated that "most indicators continue to show  accelerating weakness in San Francisco's economy."

The median home sales price in the city continued to be more than  10 percent below last year's median, and October also saw the first recent  drop in rental prices, according to the report.

The report did indicate that San Francisco has remained sheltered  from collapsing housing prices in other parts of the Bay Area because of its  low rate of foreclosures.

In addition, the city's hotel industry continued to show strength,  with 87 percent occupancy in October, according to the report.

The city also reported that two technology industry conferences  planned for San Francisco in 2009 have been canceled.

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