Unemployment rises in Silicon Valley

by Aharon Etengoff  |  Monday 22 September 2008
Unemployment rises in Silicon Valley

The steadily-climbing unemployment rate in Silicon Valley has reached a shocking four-year high of 6.6 per cent.

Recent statistics indicate that the percentage of unemployed workers in the sunny state of California has increased to 7.7 in August - up from 7.4 per cent in July.

Various South Bay counties also recorded month-over-month job losses in trade, transportation and utilities.

In addition, the area lost approximately 1,200 jobs related to the faltering financial sector, including eliminated positions in mortgage companies and banks.

Jeffrey Lindsay of Bernstein Research explained that a number of Internet firms were chronically overstaffed.

According to Bernstein, the industry is being forced to consider various methods of increasing economic efficiency during extended periods of slow growth.
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Source: theinquirer.net (c) 2010 Incisive Media

See more about:  unemployment  |  rises  |  silicon  |  valley
 
 
Comments: 1
Nat.W¿LL¿
29 September 2008
 give me a job damn u all. i just had an interview at harvey norman the guy goes "iv reviewd ur resume and...well...i wanted to meet a girl who does IT!!" waste of time interview really. he got what he wanted anyway. shame lis-hole has like no jobs silicon valley can pay for me to fly out there and work sound good?


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Unemployment rises in Silicon Valley?
The steadily-climbing unemployment rate in Silicon Valley has reached a shocking four-year high of 6.6 per cent.

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