The technology downturn continues to hammer California's Silicon Valley, where the unemployment rate in October was 7.9 percent, the highest level since 1983 and well above last month's statewide average of 6.4 percent.
State officials on Friday said unemployment in Santa Clara County, the heart of the Silicon Valley high-tech hub, was unchanged in October from September, but they revised the September rate up to 7.9 percent from an initial 7.7 percent.
The recent levels reflect the fallout from sharply reduced demand for technology goods and services over the past two years that has led to scores of layoffs in Silicon Valley, where the jobless rate had been as low as 1.3 percent in December 2000.
Sunnyvale, California-based Advanced Micro Devices Inc. said on Thursday it would take a charge of several hundred million dollars in the fourth quarter as it cuts jobs and costs in a bid to return to profitability.
News source: Reuters - Silicon Valley's Jobless Rate 7.9 Percent