Silicon Valley employment rate drops

Thailand News.Net
Sunday 21st September, 2008

In a sign of a weakening economy, the unemployment rate in Silicon Valley, California, has moved upward for a fourth consecutive month.

The unemployment rate has now reached a four-year high.

Unemployment in Silicon Valley reached 6.6 percent last month, the highest since July 2004, when it was 6.7 percent.

The year-over-year job total fell by 1,400 jobs in Santa Clara and San Benito counties which are home to the Silicon Valley.

The area also lost 1,200 jobs in financial activities, with half of those in finance, including mortgage, banks, and savings and loans.

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