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Nonfarm employment in the San Francisco Metropolitan Division (San Francisco MD**) continues to grow rapidly and to set new record highs. From February 2014 to February 2015, nonfarm employment in the San Francisco MD expanded by 4.6%, or 45,800 jobs. This is a significantly faster pace of growth than in the state overall, where employment grew by just 3.1%. California however, despite its modest growth compared to the San Francisco MD, drove much of the growth in the United States over the last year, where employment grew by just 2.3%.
With steady gains in payrolls in the San Francisco MD, the unemployment rate has continued its downward trend. At 4% in the fourth quarter of 2014, the unemployment rate in the San Francisco MD is the lowest in the state. Moreover, low unemployment in the region is happening for the right reasons. From February 2014 to February 2015, the San Francisco MD’s labor force expanded by 2.5%, outpacing the state overall (+1.2%). Not only are more residents finding work, more are entering the labor force.
By industry, employment growth in the San Francisco MD was led by the Professional, Scientific, and Technical Services sector, which increased payrolls by 13%, adding 19,500 jobs, and representing over 42% of the net increase in total nonfarm employment. In addition, the job gains in this industry have continued to boost...