23 Dec 2008:In the fine print of a jobs report published is some mixed news for Silicon Valley.
For the first time in this downturn, the region lost jobs; it has 4,000 fewer jobs than it did a year ago at this time, and its unemployment rate is 7 per cent, according to the Center for the Continuing Study of the California Economy, which analysed the California Bureau of Labor jobs data.
That rate compares favorably to California over all, which has an 8.4 per cent unemployment rate, the research firm reported.
“California is following the nation into the longest and deepest national recession since the 1980s and, possibly, since the Great Depression,” writes Steve Levy, the firm’s research director.
As for Silicon Valley, he asserts the fundamental economic strengths of the region put it in a relatively good position, but a vulnerable one nonetheless.
“Silicon Valley will enter the recession from a stronger position and be in a stronger position when the recession ends. But the next 12 months will bring recession to the Valley — more job losses and rising unemployment,” he wrote in an e-mail message.
That sounds like a far cry from the technology-centric implosion of 2000 when unemployment hit 9.2 per cent.
Source:
http://www.dc-epaper.com/dc/dch/2008/12/23/index.shtml?ArtId=016_010&Search=Y
For the first time in this downturn, the region lost jobs; it has 4,000 fewer jobs than it did a year ago at this time, and its unemployment rate is 7 per cent, according to the Center for the Continuing Study of the California Economy, which analysed the California Bureau of Labor jobs data.
That rate compares favorably to California over all, which has an 8.4 per cent unemployment rate, the research firm reported.
“California is following the nation into the longest and deepest national recession since the 1980s and, possibly, since the Great Depression,” writes Steve Levy, the firm’s research director.
As for Silicon Valley, he asserts the fundamental economic strengths of the region put it in a relatively good position, but a vulnerable one nonetheless.
“Silicon Valley will enter the recession from a stronger position and be in a stronger position when the recession ends. But the next 12 months will bring recession to the Valley — more job losses and rising unemployment,” he wrote in an e-mail message.
That sounds like a far cry from the technology-centric implosion of 2000 when unemployment hit 9.2 per cent.
Source:
http://www.dc-epaper.com/dc/dch/2008/12/23/index.shtml?ArtId=016_010&Search=Y
