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Posted on 08/20/2005 12:57:37 AM PDT by nickcarraway
Silicon Valley employment expanded in July, the first month since the dot-com bust that more people were earning paychecks than a year earlier.
According to a state report released Friday, Santa Clara and San Benito county employers tallied 871,300 positions on their payrolls last month -- 600 more jobs than in July 2004. It represented a barely-there increase of 0.1 percent.
``It's just crossed that number by a hair's breadth, but you could say it's a landmark in that it's positive for the first time,'' said Steven Cochrane, senior economist at Economy.com.
He cautioned it's still too early to celebrate because the job growth could be wiped out by a later revision or simply not last. ``There's no guarantee it's going to be positive next month because the numbers are volatile.''
Economists like to see employment statistics stay consistent for at least three months. And there are plenty of reasons to worry the Valley's modest improvement won't last through the fall.
Oil prices may keep skyrocketing. Interest rates may rise. The red-hot housing market may finally cool. If home sales and construction slow, Valley employment stands to lose some of the momentum it has gained.
But several economists expect to see small annual job growth for 2005, which would show the Valley's employment engine has stopped sputtering and is finally revving up.
``By next year, job growth in the Valley could be approaching state averages for the whole year,'' said Scott Anderson, senior economist for Wells Fargo. ``The employment growth gap you see between Northern and Southern California continues to disappear and should disappear completely by this time next year as the Bay Area and Silivon Valley economies continue to gain momentum.''
The July report showed strength across several industries, which hinted that the entire local economy is turning around.
(Excerpt) Read more at mercurynews.com ...
But...but...this just can't be! Howard the Dean says the economy is worse than the Great Depression! This just can't be! < /sarcasm>
Inter-resting! These same folks are beating another state's doors down for land/property investment.
Some people in California work funny.
In my younger days working for a temp agency I showed up at a job site. The boss told me to lay out the footings and the other workers would show up shortly. Then he left. I laid out the footings in about two hours but nobody showed.
So I sat on a pile of lumber tossing pebbles into a mud puddle until about 1. Then the boss pulled up and said I did a good job. He told me to go home and paid me for a full day.
Showed up the next day at 7 and the boss said he couldn't find his workers. He told me to go home and paid me for the full day. This continued for two weeks, with me averaging two hours of work a day, told to go home and paid.
Easiest money I made that year. Guess there's something to be said about contract labor.
You are celebrating hitting the bottom? Sheesh!
ping
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Silicon Valley |
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I recognize that sign. Very Mac-ish.
People are much nicer in Oregon too.
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