Posted on 10/13/2001 1:29:07 PM PDT by sarcasm
SAN JOSE, Calif. (Reuters) - Unemployment in the heart of technology mecca Silicon Valley rose in September to 5.9 percent, a big gain from 1.8 percent in the same month in 2000 as the area's high-tech industry continued to shed workers, state officials said.
The gain helped boost California's overall September jobless rate to 5.4 percent from 4.9 percent the year before, state officials said on Friday.
Last month's 5.9 percent unemployment rate in Silicon Valley's Santa Clara County is the highest level in seven years and testimony to how the U.S. technology sector has fallen on hard times over the past year.
Worse for Silicon Valley, the month's rate does not take into account the effects of the Sept. 11 hijack attacks on the World Trade Center towers and the Pentagon.
Reduced business travel and tourism, reflected in fewer flights and a drop in hotel bookings in and around Silicon Valley, are expected to worsen Santa Clara County's jobless situation this month.
The unemployment rate in September in nearby San Francisco County, home to the once-booming but now sluggish Internet industry and northern California's traditional financial and legal services center, was 5.6 percent.
The overall U.S. jobless rate last month was 4.9 percent.
Depends on what industry you are in. Companies whose business is tightly tied to the internet did suffer.
Not before illegals are deported.
No, they are moving into your neighborhood, hehe. Cheap housing rules!
Will you sell me your house really cheap? Just kidding.
I doubt that the ones who made the big bucks are the ones losing their jobs. The Marxist-style demonization of high tech entrepreneurs is going to cost our economy for many years to come.
I do, because I was one of them this summer.
I guess they were jealous of capitalists who were rewarded for taking risks, and are happy now that you are being punished for your betrayal of the working class.
Not before illegals are deported.
Simultaneously.
I was just going to say, the traffic certainly hasn't lightened up any. Compared to LA, which never really recovered from the disaster of '90-'91, SV came back and surpassed where it was in just a few years. Long term this is not a bad place to be.
There is alot of truth to this. From what I have seen, coming from both the get rich quick/need no business plan greed and the absolute shortsightedness of some of the industry heavyweights, it will take a long, long time before qualified talented people will want to return to hi-tech startups again.
Most of the industry heavyweights were doing an incredible job to meet a tremendously growing demand. What shortsigtedness and which corporations are you talking about?
I'm also unaware of any company getting a first round of financing without a business plan. Could you be more specific?
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