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August 2008 Federal, California, and Silicon Valley Unemployment Numbers

October 3, 2008

The latest unemployment numbers for August 2008 have been released and the economy continues to trend lower as unemployment nationwide, statewide, and locally have all continued to trend higher.

The graph to the right shows the trend over three years, but what we are seeing over a longer time period is that statewide, the unemployment rates have now clearly eclipsed the rate which was reached during the lows of 2002-2003.

Locally, the story is a little different. While unemployment rates continue to rise here, we are still a ways off from reaching the type of situation we faced in 2002-2004, though our current unemployment rate has now reached a four-year high. In the San Jose-Santa Clara-Sunnyvale MSA, the unemployment rate now stands at 6.6%. In the San Francisco-Oakland-Fremont MSA, it stands at 6.2%.

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Categories: Market Data | Trends
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