WHAT: The unemployment rate jumped to 6.1 percent in August, the highest in nearly five years.
WHY IT’S HAPPENING: High energy prices and problems in the housing and financial sectors have combined to slow economic growth.
WHY IT’S A BAD IDEA: Job losses mean fewer people can afford to pay their mortgage or to spend money on the kind of consumer goods that kept the economy humming for so long. Read More
The City’s economy is beginning to show signs of flagging after months of resisting the nation’s general economic slowdown, according to a monthly economic report released Monday.
Unemployment is up, median home-sales prices are down, and even tourism is taking a hit, with hotel occupancy rates lower than last year, according to the report compiled by the San Francisco Controller’s Office. Read More