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SF unemployment reaches record 10.1 percent

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A record 10.1 percent of San Franciscans were out of work in August, according to the latest report from the Controller’s Office.

The unemployment rate was the highest recorded since the Employment Development Department began releasing monthly data in 1990, the city department said in a statement.

The good news: Since The City has been hovering at around 10 percent for some time, “this may indicate that we are reaching a peak,” it said.

And then the Controller’s Office brings us back to Earth.

“Although there is no sign yet of any local job recovery,” it said.