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.