When President Barack Obama was elected in November 2008, the Great Recession was picking up speed and the national unemployment rate was at 6.5 percent. By his inauguration, it had hit 8.5 percent, then peaked in January 2010 at 10.6 percent. And it’s been a slow trudge back ever since.
But San Francisco weathered the crisis better than most cities. Recent data show this upward trend continuing for the Bay Area. But the Bay Area’s success has only underscored California’s economic stratification.
In February, Marin, San Francisco and San Mateo counties were the only ones in the state with unemployment rates below 6.5 percent, according to state Employment Development Department data.
Read more: San Francisco Examiner Bay Area economy faring better than rest of state