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Business Briefing / Labor

Employment in San Jose region falls

February 18, 2009|TIMES WIRE REPORTS

Silicon Valley experienced a decline in employment and no growth in per-capita income last year as the economic slump curbed spending.

Employment in the region surrounding San Jose dropped 1.3% in December, according to a report published annually by nonprofit groups Silicon Valley Network and Silicon Valley Community Foundation.

The area isn't producing enough skilled workers needed to drive the next decade's innovation, the report said. Per-capita income failed to rise for the first time in five years, and venture capital investment fell 7.7%.

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