Job losses in Silicon Valley are increasing despite a turnaround in the fortunes of many technology companies, according to economists at the University of California at Los Angeles (UCLA).
The UCLA Anderson School of Business predicted that, although a recovery might start in the next few months, recouping the 86,000 lost jobs and returning to the employment levels of December 2000 were unlikely this year.
The report said that incomes in Silicon Valley fell 0.7 per cent in the third quarter of last year, with growth rates this year and next expected to be no more than three per cent, compared with the usual five per cent.
Silicon Valley is experiencing a "classic regional recession", the report stated, while the rest of southern California was barely touched.
While the Valley has lost more than eight per cent of its jobs in the past 14 months, Los Angeles has lost just one per cent.
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