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  • bennybraddock bennybraddock Oct 12, 2003 12:00 AM Flag

    jobless rate falls in SiV; BUT

    Posted on Sat, Oct. 11, 2003

    Silicon Valley loses thousands more jobs
    BUT JOBLESS RATE FALLS AS PEOPLE MOVE OR STOP LOOKING
    By Margaret Steen
    Mercury News

    Silicon Valley's job market continued to limp along in September. Although Santa Clara County's unemployment rate fell to 7.5 percent from a revised 8 percent in August, the county lost 2,300 jobs during that time.

    ``I still think it's going to be sometime beyond the end of this year before we see the economy really come to a bottom and level off,'' said Steve Cochrane, senior economist at Economy.com.

    Although the decline in the unemployment rate may seem like good news, it was caused largely by people leaving the labor force, either moving out of the county or giving up their search for work. The number of unemployed county residents dropped by 6,400 to 67,800 in September, but the number of employed residents fell as well.

    The number of jobs in the county, which economists generally view as a more accurate indicator of the economy's health, continued to fall. The number of jobs in September, 864,800, was the lowest of any month since February 1996.

    The figures, which were released Friday by the state Employment Development Department, showed that many of the job losses came in professional and business services, leisure and hospitality, and manufacturing.

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    • Fairly extensive article in this AM's NY Times (p. 21 of the main section) on economy and employment for the state (CA) was interesting too. San Jose suffered a 12.5% decline in employment between Aug 2001 and 2003, larger than the losses in Detroit in the 80's; in contrast, Merced showed about a 9% gain.

      One CA company (makes plastic bottles) based in Ontario is moving its plant to Utah and will lay off 80% of its CA workers. By moving, it will cut its monthly electricity costs (which rose from $30K to $100K post-energy crisis) and its worker's compensation costs (which rose from $80K to $340K over two years) by 90% (that was hard to believe, but I checked the paper again and that's what they say, 90%).

      So whatever plan comes out of the new state government, it's going to have to propose lots of changes to keep companies from fleeing the sunshine state.

      Article is worth a read, IMHO.

      • 2 Replies to shbrom
      • And if you wonder why the Kaliphony-a real estate keeps rising (per the NYT's article), here is a hint:

        Top ten surnames of home purchasers in SiV's 9 counties are dominanted by Asian and Hispanic. Todate, their home ownership % is below 55%, lotsa room to move up to 80% of white.

      • Son,

        I had cut and paste something similar a few weeks back from Mercury News of San Jose.

        Here is more statistics from SiV business journal:

        12:18 PM PDT Friday
        Silicon Valley, state jobless rates decline
        The number of people out of work and actively seeking jobs declined in Santa Clara County in September to 7.5 percent of the work force, down from 7.9 percent in August.

        California's unemployment rate was 6.4 percent in September, down from a revised 6.7 percent in August.

        The September 2003 figures, which are estimates and not actual head counts, and are not seasonally adjusted, were released Friday by the state Employment Development Department.

        The state's rate is the lowest since January 2002, when it was 6.4 percent. Santa Clara County's rate is its lowest non-seasonally adjusted unemployment rate since December 2001, when the rate was 6.5 percent.

        The number of people unemployed in California was 1,119,000 - a decrease of 64,000 for the month, and down by 57,000 from September of last year. This is the lowest number of unemployed since January 2002, when 1,115,000 people were unemployed.

        Of the unemployed, 560,900 were laid off, 105,500 left their jobs voluntarily, and the remaining were either new entrants or re-entrants into the labor market.

        Within Santa Clara County, the more than 40,000 jobless in San Jose put the city's jobless rate at 8.7 percent for September. Countywide, 67,800 people were without jobs, the EDD estimates.

 
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