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SF Job Growth Restrained By Labor Supply

Summer 2017

California job creation has continued but has slowed. In May 2017, for the second month in a row, the pace of job gains in the state lagged the broader nation. What is contributing to the slowdown in job growth? The overall economy continues to advance but the state is effectively at full employment with little slack in the labor market. Moreover, it appears that there are not enough qualified candidates to fill job openings in some industries. Meanwhile, as rents and home prices head north, California’s lower wage workers simply cannot afford to live here, adding more strain to an already tight labor market.

While San Francisco (MD) is outpacing the state, the region’s job gains have been shifting toward household driven sectors of the economy, including Leisure and Hospitality. By contrast, the local Technology sector showed signs of losing steam as...


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