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.
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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.
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URL: http://www.sfexaminer.com/taxonomy/term/3107?page=11&quicktabs_1=0&quicktabs_6=1
