March 6, 2009

Silicon Valley unemployment rate jumps to 9.4%

Silicon Valley’s unemployment rate jumped more than a full point, to 9.4 percent, from December to January, the biggest increase since at least 1990, the earliest year for which the state Employment Development Department has comparable data.

The Santa Clara-San Benito county area lost 14,900 jobs to total 897,000, a 2 percent decrease in the number of jobs in the past 12 months.

The primary monthly job losses were in the retail sector, which lost 3,200 jobs after the holidays, and the trade, transportation and utilities sector, which lost 4,000 jobs.

The professional and business services sector dropped 3,500 jobs.

Source: San Jose Mercury News

November 24, 2008

Palm to cut 10% (about 1,050) employees

According to CNet: “Faced with strong competition from Apple and Research In Motion, as well as economic headwinds, Palm has decided to lay off some workers.

Valleywag reported that the layoffs could involve as many as 10 percent of the company’s 1,050 employees. A Palm representative confirmed that layoffs were taking place but did not comment on exactly how many people were affected.”

November 22, 2008

Aruba Networks: 10% reduction in work force

According to Aruba Networks Press Release (SUNNYVALE, CA, Nov 20, 2008): “To streamline operations, Aruba is reducing its operating expenses by approximately 10%, through a combination of a reduction in work force and reducing other non-headcount related expenditures. Net expense associated with the reduction in work force, which is primarily for severance and severance benefits, is expected to total approximately $1.2 million, which the Company expects to incur in the fiscal second quarter. Aruba expects these cost reduction measures to result in pretax savings of approximately $2.0-2.5 million in fiscal Q2 2009 and $5-6 million in the second half of fiscal 2009.”

November 21, 2008

Large-scale layoffs sting Bay Area companies

According to San Francisco Business Times: “With the pace of Bay Area layoffs increasing, particularly in the East Bay, workforce retraining efforts are also gathering steam.

Large-scale job cuts have accelerated with the closure of department store chain Mervyns’ Hayward corporate office and eight East Bay locations, and the acquisition of Longs Drug Stores Corp. by CVS Caremark Corp., with the loss of 800 Longs corporate jobs. This week, electronics retailer Circuit City Inc. said it would close 155 stores nationally, including six in the East Bay.

These are among the region’s biggest layoffs since last year, when job losses were focused on the home lending industry. Roy Bertuccelli, a program financial specialist at the Alameda County Workforce Investment Board in Hayward, said the last three weeks have been “extremely unusual. … All sectors of the economy are slowing down.”

Meanwhile, green industries, health care and biotech continue to hire. Bertuccelli is seeking to retrain workers to match up with continued demand from “sunrise” industries.”

Silicon Valley unemployment rate jumps to 6.9 percent

According to San Jose Mercury News: “The number of people looking for work in Silicon Valley was up sharply in October, sending the unemployment rate to 6.9 percentstill far below California’s jobless rate of 8.2 percent.

November 20, 2008

Bay Area companies see more jobs cuts

According to “About 40 percent of Bay Area companies intend to chop jobs during the coming six months, according to a new survey of local executives released Thursday that sketches a bleak outlook for the region’s economy.
Regional business owners have now become even more pessimistic than they were in the wake of the 9/11 terrorist attacks, according to the Bay Area Council’s quarterly survey of business confidence.”

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