Some Silicon Valley Sectors See Job Growth Despite Stalled Unemployment
SAN JOSE (KCBS/AP) - Parts of the Silicon Valley job market have started to show signs of life despite a stagnant unemployment rate.
Although 151,000 jobs were added in October, the Labor Department said unemployment was stuck at 9.6 percent for the second month in a row.
Unemployment is above 11 percent in Silicon Valley; the San Jose Office of Economic Development has noticed a hiring trend in some industries, said deputy director Jeff Ruster.
"We're seeing it in information technology. We're seeing it in manufacturing, professional services, health care," he said.
KCBS' Mike Colgan Reports:
Job creation won't start making a dent on unemployment until more than 200,000 jobs a month are added, according to most economists. Ruster concurred the recovery would be slower than other recessions, "but promising and it gives us all a sense of optimism."
"We are seeing the largest year over year increases that we've seen in a long time," he said.
And at least one job seeker shared Ruster's sense of hope.
It's only been a few weeks since Lester Grant lost his job as a cook, and he is confident he can land a new position before the end of the year.
"I go online, I get up every morning and I look and I do the legwork and groundwork and it's just a matter of time for someone giving you an opportunity and a chance," he said.
An emergency extension of unemployment benefits enacted by Congress is set to expire during the holiday season if Congress doesn't act quickly.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
