San Francisco 2-4 Unit Apartment Building Market Q3 2025

U.S. Jobs Report * Monthly Change in Number of Jobs, in Thousands*

Monthly Change in U.S. Non- Farm Employment, in Thousands

500

482

Note: BLS often revises its monthly estimates, sometimes very substantially: For example the original May-June 2025 estimate of 291,000 new jobs has been revised down to 6,000. Weak employment growth in recent months has raised both fears regarding the U.S. economy and hopes of interest rate cuts by the Federal Reserve Bank.

400

323

310

303

290

287

300

278

261

256

246

240

240

236

210

Updated as of 9/12/25

193

184

200

182

165

158

146

120

118

111

102

87 88

100

79

71

44

22

19

-13

0

*U.S. Bureau of Labor Statistics, “All employees, thousands, total nonfarm, seasonally adjusted”: https://data.bls.gov/timeseries/CES0000000001&output_view=net_1mth. Last 2 readings are labeled “preliminary” and often substantially revised. Data from sources deemed reliable but may contain errors.

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