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.
Unemployment rises in Silicon Valley
By
Aharon Etengoff
on Sep 22, 2008 4:08PM
The steadily-climbing unemployment rate in Silicon Valley has reached a shocking four-year high of 6.6 per cent.
Got a news tip for our journalists? Share it with us anonymously here.
Partner Content
Partner Content
Signs your department is ready to modernise legacy apps
Partner Content
Australia's top enterprises are rethinking their cloud operations
Partner Content
Why complex, business-critical computing requires Asus’ new workstations
Partner Content
Digital transformation requires more decisive leadership
Sponsored Whitepapers
Building a ransomware remediation backup strategy
Forrester's Asia Pacific Predictions 2021 Guide
Adopting a Next-Generation Data Security Approach
How to be a SOAR winner
3 steps to a well-rounded cybersecurity plan
Events
- Corporate Risk and Fraud Detection - How to protect payments from fraud, featuring fireside chat with Bank of New Zealand
- On-Demand Webinar: How Poly and Microsoft are Embracing Future Work Environments
- Insights on cloud economics in the real world
- Cloud-powered innovation to speed your digital transformation in a post-pandemic world
