LOS ANGELES, Sept 21 (Xinhua): In another sign of a slowing economy, the unemployment rate in Silicon Valley inched upward for a fourth consecutive month in August to reach a four-year high, newly released data showed.
Unemployment in Silicon Valley reached 6.6 per cent last month, up from a revised 6.5 per cent in July and 5 per cent in August 2007, according to data made public by California's Employment Development Department yesterday.
The 6.6 per cent unemployment rate in Silicon Valley is the highest since July 2004, when it was 6.7 per cent.
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.
"We've lost a lot of wealth, and it's hitting us even here in Silicon Valley where the fundamentals of the economy are strong," said Stephen Levy of the Centre for Continuing Study of the California Economy.
Statewide, the unemployment rate was 7.7 per cent in August, up from 7.4 per cent in July.
Silicon Valley unemployment reaches 4-yr high
FE Team | Published: September 22, 2008 00:00:00 | Updated: February 01, 2018 00:00:00
Share if you like