Recession hits Silicon Valley as layoffs pile up

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The recession turned up late on Silicon Valley's doorstep but is likely to stay awhile, as technology companies slash thousands of jobs and rein in costs to make up for shrinking earnings and tight-fisted customers. Job cuts in the technology sector have trailed other industries until recent weeks. Now they are coming fast and furious as the economic downturn grips the Valley, the strip of land in northern California that is home to household names like Google and Amazon units. Tech giants like Intel and Microsoft are laying off thousands of employees, while start-up companies are firing in smaller numbers as they struggle to survive with fewer customers and venture capital dollars. And this is just the start, analysts say, expecting thousands more to lose their jobs this year as the recession forces the industry to slash marketing and capital spending.


Recession hits Silicon Valley as layoffs pile up Layoffs Spread to More Sectors of the Economy (NYTimes) Layoffs Cut Deeper Into Economy (WashPost) Deluge of layoffs hits U.S. economy (LATimes)