June unemployment rate rises to 11.8% 60-year highs in Silicon Valley

Beijing time July 18 morning news, according to foreign media reports, with the Silicon Valley technology industry, the unemployment rate soared to 11.8% in June, the highest record in nearly 60 years. From the industry's point of view, the region's June employment in professional and commercial services and hotels has become a bright spot for Silicon Valley jobs.　　But the state of California, where the valley is located, is worse, according to a Friday report by the Ministry of Labor Development, which found that a total of 66,500 people were cut in June. California's unemployment rate remained high at 11.6% per cent in June, with unemployment at 2.1 million. "We are still in a deep recession," said Stephen Levy, of the California Center for Sustainable Economic Research, Stephen Levi.　　"Economists warn that unemployment in California and Silicon Valley will continue to climb before the economy gets out of the doldrums, as major companies will concentrate on boosting profits before the next round of recruiting." San Rafael Regional Media "economic beacon" said there are indications that the pace of the California recession has slowed down, is no longer fall. The good evidence, Levy said, came from some of the company's bright earnings this week, such as Intel, IBM and Google.　　That means we've reached the bottom of the tech slump, Levy added. Since early 2009, unemployment in the San Jose region, the heart of Silicon Valley, has been concentrated in the manufacturing sector, according to a report by the California Ministry of Labor Development. Over the past 6 months, 95% of the 11100 employees who have been sacked are from the industry, while the manufacturing sector is dominated by the technology industry.　　In June alone, some 2,600 manufacturing workers lost their jobs. The California Ministry of Labor Development Report showed that in 2008, Silicon Valley laid off a total of 43,400 workers, down 4.7% from the previous year, 15,200 of whom came from the computer and electronics industries. (Chi Wei)