Silicon Valley's economy remains strong 100 days into the coronavirus pandemic. Other industries and parts of the country? Not so much.
While virtually every aspect of the U.S. economy has been hit hard during the coronavirus pandemic, the technology industry and its hub in Santa Clara County continue to fare better than other large regions across California and the nation, based on three studies published this week.
In many Bay Area metro areas, where relatively large shares of jobs can be done remotely, unemployment rates are holding steady and continue to be among the lowest in the state, Sarah Bohn, vice president of research at PPIC, told MarketWatch. She cautions, however, that unemployment improvement may mask the fact that some people have stopped looking for work.
Through Thursday, shares of Zoom Video Communications Inc. ZM, -1.29% , Apple , Facebook , Google parent Alphabet Inc. , and Netflix had exceeded Gap Inc. GPS, +18.11% , Visa Inc. V, -1.73% , and Levi Strauss & Co. LEVI, -4.64% , and PG&E Corp. PCG, -4.98% , which are also based in the San Francisco Bay Area.
Among the big winners in venture funding in Silicon Valley in the past 100 days are Alphabet’s driverless subsidiary Waymo LLC , Stripe Inc. , and Impossible Foods , according to Thomson One.While non-tech industries like retail continue to struggle in California, another 1.48 million people nationwide applied for unemployment for the first time last week, the 14th straight week more than 1 million workers have filed for jobless claims since the start of the coronavirus pandemic.
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