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.
Silicon Valley unemployment reaches 6.6 percent
Posted on Sunday, September 28 2008 @ 16:11 CEST by Thomas De Maesschalck
PC Authority reports unemployment is rising in Silicon Valley as the tech industry is forced to get more efficient in these rough economic times.