As Tech Job Cuts Mount, Layoff Rumors Pervade The Valley

When the Internet and telecom bubble burst, Silicon Valley jobs evaporated: by 2005, California’s Santa Clara County–which includes San Jose, Palo Alto, Cupertino, Mountain View and other tech-focused towns–had given up more than 20 percent of its total job base, a loss of over 200,000 jobs. So how bad will it get this time around?

Well, here’s what we know so far. California’s overall employment rate hit 8.2 percent in October, up from 7.7 percent in September, to the highest level since September 1994. Now, that’s not just the tech industry hurting: the construction industry in the state has lost 69,500 jobs this year, for instance. In Santa Clara County, the jobless rate stands at 6.9 percent; San Francisco is lower, at 6 percent, while San Matero County, home to venture capital’s Sand Hill Road, is down at 5.4 percent. Slightly worse off are the East Bay counties of Alameda, at 7.1 percent, and Contra Costa, at 7 percent. The national jobless rate stood at 6.5 percent in October.

Read the rest of this post

Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »