The most recent San Francisco unemployment data shows the area had a non-seasonably adjusted unemployment rate of 3.3 percent for April 2015, 0.2 percentage points lower than March’s revised rate of 3.5 percent, and the lowest the city has seen in more than 15 years. Total nonfarm jobs in the San Francisco area increased by 9,500 in April, for a total of 1,048,200, according to the California Employment Development Department.
Statewide, California’s unemployment rate is down to 6.3 percent, 0.2 percentage points lower than the rate for the month prior, while 29,500 nonfarm positions were added during the same period. Since this time last year, the state has added 457,300 positions, an increase of 2.9 percent. What do these numbers say about the San Francisco jobs outlook as we head towards the second half of 2015?
Robert Half senior district president Sharon Black says, “The San Francisco jobs market ranks consistently high among markets with the best job prospects. The city currently has 94,933 job openings. The total number of San Francisco jobs increased by 9,500 over the past month, and by 48,600 in the past year.”
With fewer job seekers on the market due to lower San Francisco unemployment rates, some companies may be tempted to make hasty hiring decisions, but Black advises against it. “Not taking the time to thoroughly vet a candidate can result in making a bad hire, which can have a severe impact on staff morale,” she says. “People are likely to become resentful if they have to take on extra work from the person who was let go. And if they see their employer isn’t working to address the situation, morale could go even lower.” Managers and staff who play a part in recruiting new team members must be intimately involved in the hiring process. They have the greatest insight into what their needs are for a particular position, notes Black.
How has the decrease in San Francisco unemployment rates affected your organization? Let others know in the comments.