Where are all the people going?
San Francisco Bay Area employment peaked in October of 2015 but after a brief dip it continues to creep upward. Employment is still about 1.3% below the prior peak. The unemployment rate dropped, however, on a big decline in the labor force. The Bay Area labor force peaked in October of 2015 but it has dropped by almost 8% since then. See the updated San Francisco Bay Area May 2016 employment data here.