Spiking Silicon Valley Unemployment Dragging down California’s Economy

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Silicon Valley’s unemployment rate has jumped almost a full point since May, to 3.9%. It could reverse California’s epic seven-year economic boom, and could lead to a crash just as epic.

Breitbart News reported early in 2017 that the San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area, known as Silicon Valley, was rapidly losing job momentum after leading California’s recovery since 2010. But the stock market’s “Trump Bump” in anticipation of cutting capital gains taxes and ending Obamacare’s 3.8 per­cent capital gains surcharge caused a burst of venture capital deals, flooding the “Valley” with cash.

Real estate prices took off and service jobs soared, slashing Silicon Valley’s unemployment rate to a national-low 3 percent in May.

The extraordinary economic performance of Silicon Valley’s tech giants led California to 87 consecutive months of job growth, driving down the state’s unemployment rate from 12.2 percent in February 2010 to 4.7 percent in May. – READ MORE

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