Unemployment rises in Silicon Valley
By
Aharon Etengoff
22 September 2008 04:08PM
Tags:
unemployment | rises | 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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