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San Francisco is seeing unemployment rates not seen since the peak of the dot-com bubble at the turn of the millennium.
May's unemployment rate hit 2.9%, the second-lowest on record, according to SocketSite. Yet dropping unemployment was driven by a reduction in the labor force.
The labor force participation rate measures how many San Franciscans over the age of 16 are employed or looking for work. As more Baby Boomers retire, this trend is to be expected in the data.
The Bay Area continues to lead the nation in jobs performance and isn't likely to factor into policymakers' decisions on interest rates. [SS]
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