Great
More stats on how bad this downturn has hit the San Francisco Bay Area according to this New York Times story (registration required):
Silicon Valley lost 127,000 jobs, or about 9 percent of its employment, from the first quarter of 2001 to the second quarter of 2002, according to a report to be published Monday by Joint Venture Silicon Valley, a nonprofit group formed to promote the area.
Job losses in the period equaled more than half the total job gains for the valley from 1998 to 2000. Losses were particularly acute among those industries the survey defined as "driving" clusters — software, semiconductors and computer and communications hardware — which lost 22 percent of their jobs from the second quarter of 2001 to the second quarter of 2002.