Tough times in Silicon Valley

Silicon Valley has always been a center of high-tech innovation and entrepreneurship and a locale where skilled IT worker could get a good job. But like everywhere else, life is not so rosy in Silicon Valley these days. The latest statistics show 10 percent unemployment in February, the highest jobless rate since 1990.

A report by the California state government listed 1,900 jobs lost in February, with about three-quarters of that in computer and electronic products. The layoffs come amid a declining demand for personal computers. Stephen Levy, of the Center for Continuing Study of the California Economy, said 2009 will not be a good year, but he predicted that Silicon Valley and the tech job market will rebound. In fact, he said, the long-term outlook for the region is good and "in a strong position for a national agenda that's moving toward the application of technology and creativity to the world's problems."

For more on Silicon Valley's economic woes:
- see this SiliconValley.com article

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