San Francisco unemployment highest since 1984 - Pacific Business News (Honolulu):

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Despite signs that the national slowdown may be nearingits end, the city’sw jobless rate continues to rise rapidly, the controller said in a monthlyg update on economic conditions. The city’se unemployment rate was 4.3 percent one year ago. Employment construction, retail trade — particularly auto dealerships and financial services show the largest percentagwe declines in employment in thelocall economy.
Based on March numbers, the Controller’s Office the greatest risk of upcomin job losses isin tourism-related busineses as job losses are starting to accelerater in this sector, consistent with market Both the hotel sector and international arrivalse to posted their weakest numbers of this recessionn last February, with sharpl year-over-year declines. A decline in discretionary consumer spendingf has now hitthe city’s tourism industry.
Tax receipts for March hotekl activity show an improvementover February, but the 20 percen annual decline in March is still the second-worst month of the The city’s real estate industry is not showintg signs of recovery, with accelerating annua declines in residential asking rents, median home salex and commercial rents. The commercial vacancy rate remainsx a relativelyhealthy 13.8 but this figure does not include nearlu one million square feet of sublease space now on the market, the Controller’sd Office said. A copy of the report can be downloadeed .