August 19, 2008 | PDF versionPasadena, CA — Silicon Valley is facing a rare occurrence as the region has suffered its first yearly job loss since July of 2004, thanks in large part to the bursting of the housing bubble. In the one-year period ending in July, the high-tech mecca lost 1,400 jobs, or 0.2%, marking its first decline in four years. Meanwhile, California’s overall jobless rate crept to 7.3% in the month of July, while the so-called misery index for the state, which refers to the rate of unemployment combined with the rate of inflation, topped 12%. Nonetheless, EmploymentCrossing’s figures give good cause to be untroubled by the reported depletion of jobs in California.
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