Blog

WPUSA LeaderNet alums join 500 in watching Obama's inauguration

2009-01-23T16:40:00.000-08:00

WPUSA LeaderNet alumni comprised part of a 500 person gathering of elected officials, community leaders and high school students Tuesday to watch the inauguration of President Barack Obama. While a continent away from Washington, D.C. the group celebrated the new administration in the Mexican Heritage Plaza Theater.

LeaderNet alumna Teresa Alvarado, executive director of the Hispanic Foundation of Silicon Valley, and Leon Beauchman, board member, Santa Clara County Board of Education, energized the crowd and prepared them for discussions to stimulate local change. The small group discussions allowed people to connect, celebrate a new day for our country and explore how to answer President Obama's call to service.

Third Time's a Charm!

2008-11-18T10:35:00.000-08:00

We did it again, and this victory was the sweetest: For the third time in four years the same small group of wealthy, conservative men in Southern California threatened to put teenagers at risk by bank rolling a ballot initiative that would force doctors to inform the parents of frightened teens if they wanted an abortion. The largest turnout of California voters in recent history fired back with a resounding "NO!"

We had some extremely tough challenges this time because the presidential election drew so much more of the electorate - including conservative evangelicals who mostly sat out the last time a parental notification proposition was on the ballot. Also, we worried that our reliable voters who had rejected these measures in the past would be so intent on their presidential vote that they might skip other issues on the ballot.

Didn't happen. They saw through the smokescreen of "mandating" family communication.

Our San Jose-based affiliate led in fundraising and we had a huge boost from labor unions. Planned Parenthood Mar Monte spans 40 counties and for the first time we were able to purchase media buys in the Central Valley and in Spanish language media. Our affiliate also led in the greatest number of phone calls to swing voters and we were joined by our activist friends in labor in our region. We thank you for taking up our fight as your own.

We all understand that parents want their daughter to come to them if she decides to have an abortion. But what if she couldn't or wouldn't? What if a girl doesn't come from a loving, supportive family, and she's desperate enough to do anything to end her pregnancy? This law would put teens in real danger.

The ads urged voters to "think outside their bubble." And that's what they did. We got more peopled to vote no in conservative Fresno County than they did in the last parental-notification initiative.

We'd love to think that we won't have to fight this battle all over again. Unfortunately the wealthy backers have already said they will do this again. The anti-choice zealots have figured out that they don't have to torpedo abortion rights by barring entrances to clinics. All they have to do is force us to spend millions of dollars and staff resources to battle the same losing proposition over and over again. It's not democracy, not the will of the people. It's just taking funding away from providing legally protected and essential medical services for contraception, primary care and prenatal care.

Our opponents know that if a large pro-choice state like California adopts a parental-notification law it will lead to even more onerous laws in other states. Their goal is to make abortion illegal and put Planned Parenthood out of business. We're confident that with your help and other progressive organizations, we can continue to protect California teenagers and reproductive rights.

Deborah Ortiz
Vice President, Planned Parenthood, Mar Monte

Reflections on Election Day

2008-11-10T12:27:00.000-08:00

An election mixed with great joy and deep sadness. Hard not to be confused by these colliding emotions. On the one hand I want to dance in the streets for joy, not only for "President Obama," but also for us as a nation to have the capacity to "do the right thing." However, with all this joy comes much sadness because of the loss of Proposition 8, the anti-Gay Marriage Initiative.

It is exceedingly hard to realize that we spent 80+ million dollars to campaign for the right to deny or protect a significant number of California's citizens equality. What is more difficult is the realization that this campaign was a religious crusade against the lesbian and gay community led by the Vatican, the Mormon Church and the Religious Right. This fact is perhaps the most frightening and dangerous aspect of this battle. The idea that a vast number of Californians willingly participated in this "crusade" opens the door to the erosion of the line between church and state. Preachers using the Sunday pulpit to command their members to vote for or against Prop. 8. The voice of the Vatican leveraging its power against priests and nuns who openly disagreed with the initiative and were summarily dismissed from their parish positions for disobedience to the Pope.

Add to this the inability of the many of the African American and Latino/a communities to see beyond their own biases, instead voting in significant numbers to support the institutionalization of discrimination in the California State Constitution. It is clear that these communities do not acknowledge the vast numbers of gay, lesbian, bi, and transgendered children within their own communities. It is also clear, that we in the GLBT community need to work harder to make room for the many African American and Latino/a members in our community and encourage them to take visible leadership roles.

However, in all of this, there were significant positive gains for the lesbian, gay, bi and trans community. Here in Santa Clara County there was a great demonstration of the friendship and support from our "straight" allies in the Democratic Party, the Labor Movement and regular citizens who campaigned as ardently as we did to defeat this Christian Crusade. It was evident that there were many who truly believe that the GLBT community deserves to be treated as equal citizens and have all the privileges that all citizens in the state of Californians enjoy. It was also clear that the notion of placing discrimination in the California State Constitution is a dangerous precedent that could, in the future, be used against other communities and therefore, needed to be stopped.

But beyond the oblivious political issues in this campaign there were many personal stories. The most heartwarming of these stories was the genuine sadness and disappointment in the hearts of our "straight" allies. The past several years of working together on a variety of issues resulted in the most personal and valuable of all gains. That is the blending of our many communities together as one, fighting side by side to create a better world for everyone.

On June 23, 1994, at a press conference for the introduction of ENDA (Employment Non-Discrimination Act) Coretta Scott King said the following: "The great promise of American democracy is that no group of people will be forced to suffer discrimination and injustice." We will continue this fight.

One way or another we will win the right to marry the person we love.

How Measure A happened...

2008-11-05T16:25:00.000-08:00

To the voters of Santa Clara County: THANK YOU for saving Valley Medical Center!

Measure A passed by a whopping 78% - way beyond our wildest expectations. Now, we get to work building a new hospital, letting the public know how it's going every step of the way.

Here's a bit about how it was done: The Measure A campaign really began before there was any Measure A…with a little public opinion polling. The results, obtained in early May, told us that we couldn't expect to win unless we educated voters about Valley Medical Center. Specifically, they had to know about our trauma services, burn center, and that no matter where you go for health care, you or someone you love might need VMC at any time. So, we turned these messages that resonated so well in the polling into the ballot statement, and ultimately, into the "argument in favor of Measure A."

Obviously, getting the message out takes money and endorsements. We had a great team, led by Elizabeth Nielsen and Public Affairs Associates, to line up the support as quickly as we could. Every hospital in the region, pretty much every elected official in the valley, business and labor...everyone got on board quickly to support Measure A.

A little over a million dollars was raised, and we are so grateful for everyone who gave. Medical centers, trades, doctors and nurses…all opened their hearts and their wallets to ensure we could keep our TV commercials on the air and our mailings reaching voters' mailboxes. The stories we told of lives saved by Valley Medical Center, and the big picture about seismic safety and disaster preparedness, really hit home. The final message was key: If you are worried about the economy, Measure A is a great economic stimulator. Thousands of jobs created, vs. thousands of hospital jobs lost if VMC had to shut down half of its patient beds.

Put it all together, add a top-notch field campaign by the South Bay Labor Council, remembering that we faced NO opposition, and perhaps it shouldn't have shocked us that we won by a mile. Still, conventional wisdom is that bond measures are tough to pass county-wide, especially when everyone is freaked out about the economy. It's now clear that, to the voters of Santa Clara County, preserving a strong public hospital is more important than any worries about Wall Street. Doesn't that sound like a healthy attitude?

With deep gratitude,
Chris Wilder

The Significance of November 4th

2008-11-05T15:58:00.000-08:00

Last night America, true to tradition, jolted itself from the destructive path of the last eight years onto a new course. An African-American candidate with a simple message of unity and change won even the state of Virginia, seat of the Confederacy. It was a remarkable and resounding statement for diversity, innovation and a new direction for our country.

The evening held significance for Californians and residents of the South Bay on other levels as well. California was divided in fascinating ways, supporting the ethical treatment of animals while approving a Constitutional amendment that codifies bigotry. We rejected an attempt to scale back the right to choose, while approving a change in how Senate and Assembly district lines are drawn. In Santa Clara County, voters overwhelmingly approved critical funding for Valley Medical Center, while rejecting additional funding to bring BART to our area.

Each of these decisions, to some segment of our community, is as important as the election of Barack Obama was to our country. The passage of Prop 8 is a heavy blow to same-sex couples and advocates. The passage of Measure A is a sigh of relief to doctors and patients at Valley Medical Center. In every election, every contest, a few have a major stake in its outcome - but many, or most, have at least some. The success of Barack Obama is that principle writ large: Obama succeeded, in large part, because he made millions of Americans, many who'd never voted before, understand the major stakes of his candidacy.

Over the course of the next few days, the Working Partnerships blog will host a number of community leaders and experts who will share what stakes they and their communities held in the various items on last night's ballot. We'll look at what the results mean, and how winners and losers will move forward toward the goals they seek.

In any election, not everyone emerges happy with the result. But that our nation and our communities are able to reasonably discuss and decide on issues around which there is so much passion is a testament to the uniqueness of our nation, and our general willingness to put the common interest first.

Silicon Valley Jobs Report: Job growth down, foreclosures up

2008-07-18T12:19:00.000-07:00

Just a quick note on recent data releases. Despite the recent spate of glowing stories about how Silicon Valley titans are still living large, we're not out of the woods yet.

For the San Jose metro area, job growth in June plunged to an anemic 0.1% annual rate, with only 900 jobs added over the year. Today's employment report from the state reveals that Silicon Valley added jobs at its lowest rate since September 2004.

Unemployment in Silicon Valley broke the 6 percent mark, climbing to 6.1% in June.

And regarding the housing market, memo to Business Week: no, Silicon Valley is not a "foreclosure-free zone". If only.

In the second quarter of 2008, 3,679 Santa Clara County homeowners received notices of default, the first step in the foreclosure process (source: foreclosureS.com). This was the highest foreclosure activity on record and a 513% increase over Q2 of 2006.

Not surprisingly, home prices and sales continue to fall, with heavy impacts on jobs in construction as well as in finance and real estate.

Coming in August: Life in the Valley Economy 2008: Silicon Valley Progress Report, with sections on jobs, income, cost of living, health care, housing, education and more. Contact WPUSA to reserve a copy, or download last year's reports, LIVE 2007 (pdf) and the LIVE Labor Day Update (pdf).

Highlights of the local jobs report:

Compared to the previous month, the San Jose metro area added 2,300 non-farm jobs in June. These included 1,000 jobs in manufacturing, 900 jobs in leisure and hospitality; 500 jobs in trade, transportation and utilities, which includes retail; 500 jobs in the information sector; and 400 jobs in "other services", all in personal and laundry services. 600 jobs were lost in professional and business services due to reduced employment of accountants and bookkeepers, along with 400 jobs lost in educational and health services as the school year ended. Remaining sectors showed little or no change.

Over the year, the San Jose metro area added just 900 non-farm jobs, a 0.1% increase from June 2007.

Sectors registering year-over-year job gains included manufacturing (+1,800 jobs), private educational & health services (+1,200 jobs), professional and business services (+500 jobs), information (+1,000 jobs), trade, transportation & utilities, which includes retail (+700 jobs), other services (+600 jobs) and government (+800 jobs).

The construction sector remained weak, as housing markets showed few signs of stopping their downward plunge. The construction industry saw a decrease of 2,700 jobs over the year. Also tied to the housing crash and related credit crunch, the financial activities sector lost 1,100 jobs over the year.

The region also lost 1,900 jobs over the year in leisure & hospitality, including losses for restaurants and for arts, entertainment and recreation.

For June 2008, the unemployment rate stood at 6.1%, up half a percentage point from May and up 1.3 points over the year. That translates to 12,200 more unemployed residents (by official measures) than in June 2007.

Eight years after the tech crash, Silicon Valley holds 135,600 fewer jobs than it did in June 2000.

Silicon Valley Jobs Report: No recession in the Valley, but job growth falls to lowest point in three years

2008-06-25T17:12:00.000-07:00

Quote of the week from the City of San Jose's chief development officer Paul Krutko: "So far, we [San Jose] don't seem to be impacted by the recession."

It's true that the capital of Silicon Valley has yet to experience the severe job losses plaguing some regions of the country. But "not impacted by the recession"? Try telling that to the 5,000+ households facing foreclosure, or the construction workers who've watched 1,300 jobs slip away in the last year, or pretty much everyone who's seeing their real wages eaten up by inflation in gas and food prices. Earlier this month, Mercury News columnist Mike Cassidy talked to a few of these folks and got an earful about the impacts of the "Big Squeeze of '08." (Continued...)

Friday's employment report for the San Jose area underscored this squeeze, with annual job growth for May dropping to just 0.7% -- the lowest level since June of 2005. Unemployment took a leap from 5.2% last month to 5.6% this month, well above the May 2007 rate of 4.4%.

The good news (so to speak) is that we're not doing as badly as much of the rest of the state. While the San Jose region has higher unemployment that neighboring areas San Mateo and San Francisco, our unemployment is considerably less than the statewide rate, which in May reached 6.5%. And even though the state as a whole lost jobs last month, the San Jose region added 4,200 nonfarm positions in May. (Some of this, though, may be an adjustment from last month's data, which showed the region losing 100 jobs in April.)

Part of the reason why the Valley is not losing jobs may be that we've already lost them. Most of the jobs that vanished in the wake of the 2001 crash have yet to return.

Highlights of the local jobs report:

Compared to the previous month, the San Jose metro area added 4,200 non-farm jobs in May. These included 1,400 jobs in leisure and hospitality, predominantly at restaurants; 900 jobs in professional and business services; 700 jobs in educational and health services; and 500 jobs in construction. Remaining sectors showed little or no change.

Over the year, the San Jose metro area added 6,700 non-farm jobs, a 0.7% increase from May 2007.

The biggest year-over-year gains were in manufacturing (+2,700 jobs), private educational & health services (+2,200 jobs), professional and business services (+1,600 jobs), information (+1,300 jobs), trade, transportation & utilities, which includes retail (+1,100 jobs), and government (+300 jobs).

The construction and financial activities sectors continued to lose jobs due to the housing market crash and credit crunch. The construction industry saw a decrease of 1,300 jobs over the year, and financial activities lost 1,100 jobs. The region also lost 600 jobs over the year in leisure & hospitality.

For May 2008, the unemployment rate stood at 5.6%, up 0.4 percentage points from April and up 1.2 points over the year. That translates to 11,800 more unemployed residents (by official measures) than in May 2007.

Seven years after the tech crash, Silicon Valley holds 124,400 fewer jobs than it did in May 2001.

Foreclosures drop slightly in Silicon Valley, but remain near record high

2008-06-17T10:40:00.000-07:00

Early data from Foreclosures.com shows initial foreclosure notices edging down slightly last month for Santa Clara County, from 1,381 notices issued in April to 1,058 issued in May. This is still an extraordinarily high rate of foreclosure; in May of 2006, by contrast, only178 homeowners received notices of default.

The chart below shows notices of default issued to Santa Clara County homeowners in each month for the past two-and-a-half years.

So far in 2008, 5,573 homeowners have received notices of default on their mortgages -- nearly one out of every 100 households in the county.

Even those who are not yet at risk of foreclosure are suffering the effects of a drop in home values as the housing bubble deflates -- translating to major losses in what for most middle-class families is their biggest asset: their home. Nationwide, the total equity Americans own in their homes dropped last quarter to its lowest point since the 1940s.

What not to do when your economy is tanking

2008-06-08T17:40:00.000-07:00

On Friday, the U.S. Bureau of Labor Statistics reported that the nation lost 49,000 jobs in May, while unemployment jumped to 5.5%: the biggest one-month jobless increase in 22 years. The U.S. economy has now lost a total of 324,000 jobs since this past December, and 8.5 million Americans are out of work.

Between the housing market meltdown, rising prices, and falling consumer spending, the state of California has been one of the hardest hit by the nation's economic woes. Millions of Californians are struggling to afford gas and food, make the mortgage payment, and generally keep their heads above water.

So how is our Governor proposing to respond to an economy in crisis? (Continued...)

By cutting back on work supports, making it harder to get health care, pushing big cuts for schools, and dropping services for elderly and the disabled.

Here's an analysis from the California Budget Project showing how many Californians would be impacted by a few of the Governor's May Revise budget proposals. I've also pulled out the impacts just on Santa Clara County. K-12 isn't included; statewide, the cuts there would total $665 per student for 2008-09.

If the raw numbers aren't convincing, check out Patty Fisher's column in the Merc last week for the story of one working mom's struggle to navigate the system.

Not only are these proposals a recipe for short-term disaster -- cutting off work and family supports just when we need them the most -- but by hacking away at education and aid for children, short-sighted reductions like these threaten our state's future economic competitiveness. And as the New York Times points out, looming cutbacks in state and local government spending will deal another major blow to the national economy, possibly even prolonging the recession into 2009. Let's hope Schwarzenegger wises up.

Maybe Arnold is taking a page from George Bush's playbook: in an equally baffling move in the middle of a recession, Bush is threatening to veto an extension of federal jobless benefits for the 1.6 million people who have been looking for work for more than 6 months and are about to exhaust their state unemployment benefits.

Building a Better Airport: Living wage campaign steps up this Monday

2008-05-31T12:22:00.000-07:00

The drive for a Living Wage for all workers at Mineta San Jose International Airport is poised to move ahead on Monday, when the living wage proposal will be heard by the Transportation & Environment Committee of the San Jose City Council.

If all goes well, Monday's hearing will put the policy on track for the final step -- the full City Council -- to raise service standards at the Airport and give over five hundred workers a much-needed raise.

Below is an article on the Airport Living Wage from today's Partnership for Working Families newsletter.

Working Partnerships USA Launches Campaign to Extend Living Wage to San Jose International Airport

Last month, community, labor and faith leaders came together to call for the City of San Jose to assure that it is truly building a better airport -- by ensuring a living wage, establishing increased oversight of subcontractors, and guaranteeing the highest quality, most skilled employees serving the airport's millions of annual passengers.

Stemming from a report by Working Partnerships USA which documented alarming security and retention challenges at Mineta San Jose International Airport, Vice Mayor Dave Cortese and Councilmember Forrest Williams asked the Council's Transportation committee to consider extending a living wage to all airport employees. The report found that over half of airport employees responding to a survey weren't trained in critical emergency procedures, such as facility evacuation. Additionally, while over half of employees earning a living wage had been at the Airport for over three years, the percentage of those earning less who remained that long was 6% or lower.

Members of the community joined elected officials in support of the policy. Pastor Kenny Foreman, of the Cathedral of Faith in Willow Glen, stated:

Our City has been richly blessed, and now should continue its leadership in maintaining the standard that has already been set; ensuring that San Jose will continue to lead the way in providing employees that serve the City a living wage -- including everyone who works at the San Jose Mineta Airport.

(Continued...)

Wheelchair attendant Dwayne Green, an employee at the airport who earns a minimum wage, related his story, including being forced into homelessness for an inability to afford even a basic rent. "I struggled, I fought, and today I see a brighter future. For our safety, we can't afford to churn through employees," Green stated. "The City I live in and love cannot afford to lose good employees simply because they can't afford to live here, to have families."

Dr. Steven Pitts of UC Berkeley relayed the findings of a study conducted by researchers following San Francisco's application of a living wage to its airport. The study found that the living wage did not negatively impact the function of the airport, and that cost to employers was less than a penny on the dollar. In fact, due to decreases in employee turn-over, some employers saw cost savings of up to 11%.

The Living Wage campaign will be discussed at the San Jose City Council's Transportation and Environment Committee on June 2nd and will likely go before the full City Council in the fall.

Copies of the Working Partnerships report, the UC Berkeley study and event photos can be found at the campaign website: http://www.buildingabetterairport.com/

Working Partnerships USA is a public policy and research institute that builds partnerships with community groups, labor unions, and faith based organizations to improve the lives of working families in Silicon Valley. For more information, visit the WPUSA website at http://www.wpusa.org/.

Silicon Valley Jobs Report: Mixed Messages

2008-05-20T19:18:00.000-07:00

Friday's employment report for the San Jose area showed little change since last month, with employment virtually stagnant: only 100 new non-farm jobs were added in April.

The unemployment rate dropped somewhat, from its high point of 5.5% in March down to 5.2% in April, but this was mainly due to unemployed workers dropping out of the labor force.

Comparing to April of 2007 gives a slightly rosier picture. Silicon Valley added 12,100 jobs over the year, for an annual growth rate of 1.3%, up from an adjusted annual rate of 1.0% last month.

Overall, this month's job numbers give us little new information to determine how much employment in the Valley is being affected by the national recession. April is normally a slow month for job growth here, so the lack of growth this month doesn't necessarily mean the local economy has stalled. Next month's job figures are likely to shed more light.

One thing's certain: the rising cost of living, lacking a corresponding increase in wages, is hitting Silicon Valley residents hard. Yesterday, the average price for regular unleaded gasoline in San Jose officially broke $4.00/gallon.(Continued...)

Highlights of the local jobs report:

Compared to the previous month, the San Jose metro area added just 100 non-farm jobs in April.

800 jobs were lost in educational and health services, due entirely to job declines at colleges and universities.

This loss was balanced by a gain of 800 jobs in leisure and hospitality, including 500 jobs in arts, entertainment and recreation and 300 jobs in food service.

Employment in retail trade dropped by 400 jobs, marking the fourth straight month of retail job losses.

The government sector added 400 jobs, including 200 jobs in local education -- growth which is unlikely to be sustained as funding for public education is cut.

Over the year, the San Jose metro area added 12,100 non-farm jobs, a 1.3% increase from April 2007.

The biggest year-over-year gains were in manufacturing (+4,200 jobs), private educational & health services (+3,100 jobs), professional and business services (+1,700 jobs), government (+1,500 jobs), information (+1,500 jobs), and trade, transportation & utilities, which includes retail (+1,500 jobs).

Once again, employment fell over the year in the construction and financial activities sectors due to the impacts of the housing market crash, although construction benefited somewhat from milder weather in April. The construction industry saw a decrease of 600 jobs over the year, and financial activities lost 1,200 jobs. The region also lost 500 jobs over the year in leisure & hospitality.

For March 2008, the unemployment rate stood at 5.2%, down 0.3 percentage points from its high in March, but up 0.7 points over the year. That translates to 7,200 more unemployed residents (by official measures) than in April 2007.

Seven years after the tech crash, Silicon Valley holds 131,400 fewer jobs than it did in April 2001.

How to fight back against the middle-class squeeze? Form a union, says new study

2008-05-15T10:50:00.000-07:00

With wages for most workers failing to keep up with the cost of living, families in Silicon Valley, California and throughout the nation are feeling the "middle-class squeeze": working hard but unable to make ends meet.

Perhaps the most at risk are families who have been squeezed right out of the middle class -- trapped in the low-wage, dead-end jobs that are increasingly becoming the only jobs available (a recent analysis concluded that only one out of every four jobs in the U.S. can be considered a "good job".)

How can a community (or a nation) reverse a trend like this, and turn its low-wage jobs back into good jobs? There's no single answer, but a new study performed by the Center for Economic and Policy Research (CEPR) makes a powerful case for the wage-raising effects of one strategy: unions.

CEPR looked at five years' worth of wages for union and nonunion workers in every state, adjusting for differences in education, age, experience, gender, and race to make sure they were comparing workers with similar characteristics. They broke it down further by examining the impact of unionization on workers at different wage levels.(Continued...)

Their findings:

In every state and in the District of Columbia, unionization significantly improves workers' wages.

Nationwide, low-wage workers gain the largest benefit from joining a union. The typical union wage premium for a low-wage worker (10th percentile wage level) is 20.7 percent: the equivalent of a raise from $10.00/hr.to $12.07/hr.

In California:

the lowest-wage workers (10th percentile) see a 16.5% wage increase from unionization;

middle-wage workers (50th percentile) see a 15.9% wage increase;

and higher-wage workers (90th percentile) see a 6.0% wage increase.

Unfortunately, joining a union isn't as easy as signing up on the dotted line. Workers who want to organize a union are usually subjected to intimidation, threats, harassment, mandatory anti-union meetings, or even being fired for speaking up (the latter is illegal, but it still happens, and even employers who get caught illegally firing employees for organizing don't face high enough penalties to be deterred.) The system currently in place, overseen by a National Labor Relations Board comprised of political appointees, is heavily slanted towards making it extremely difficult for workers to stand up for their rights while giving a free pass to unscrupulous employers, and indirectly penalizing those employers who try to treat their workers fairly and do the right thing.

Legislation currently in Congress, titled the Employee Free Choice Act, would help restore the rights that have been eroded by making it easier for a majority of employees in a workplace to form a union. Based on the findings of the CEPR study, this legislation would not only restore lost rights, but could also go a long way towards helping workers restore their eroded paychecks.

Foreclosure sales in Silicon Valley up 585% in one year

2008-05-13T14:28:00.000-07:00

The April foreclosure numbers are in, and it doesn't look good. In April 2008, 1,412 Santa Clara County homeowners received Notices of Default on their mortgages, 713 got a Notice of Trustee Sale, and 500 homes went to foreclosure auction, according to ForeclosureRadar.

The latter number -- 500 foreclosure auctions, representing homeowners who were unable to sell their homes or work out any arrangement with the bank to avoid foreclosure -- grew by an astounding 585% in just the past twelve months. The foreclosure crisis is (to say the least) showing no signs of slowing.

And a look into the future: here's a map from the Federal Reserve showing the frequency of homeowners with Alt-A loans (in between subprime and prime) by zip code in Santa Clara County. Colors represent the number of Alt-A loans per 1,000 housing units; the darker the color, the more Alt-As.

(Continued...)
The highest rates (areas in black) are zip codes 95127, 95148, and 95140 up in the east foothills / Mount Hamilton area, along with 95046 in San Martin. Most of these homeowners are still current on their payments, but 17.6% have had a late payment in the last twelve months; and as the recession deepens and home prices fall further, more families may find themselves having trouble paying the mortgage.

How did we get into such a state? The FBI and the IRS are stepping up a criminal investigation of more than a dozen mortgage companies over their lending practices and bundling of loans. Better late that never, I suppose, but more fundamental reforms are needed to restore families' security and make sure homeownership does not become an impossible dream.

How much does it cost to raise a family in Santa Clara County?

2008-05-09T14:51:00.000-07:00

The Insight Center just released the new Family Economic Self-Sufficiency Standard for 2008, which lays out how much it costs to maintain a basic standard of living for workers in every county in California.

Detailed tables with the cost of living in Santa Clara County can be found here (pdf). It's expensive -- okay, no surprise there -- but the Self-Sufficiency Standard shows us just how big that gap is between the cost of basic needs and what jobs actually pay.

A single parent with two kids could be working three full-time minimum-wage jobs and still not have enough to cover housing, food, health care, child care, transportation, and other necessities. No wonder our County's safety net services are strained beyond capacity: as taxpayers, we are subsidizing the social cost of low-wage work.

The list below shows the "self-sufficiency wage" for several different household types. This is the minimum wage needed to get by in Santa Clara County if you work full-time year-round, don't get any outside assistance, and have a minimally adequate standard of living (i.e., you live in an apartment with at least one bedroom for every two people, have enough to eat, and can get medical care when you need it):

Single adult: $13.37/hr

Single adult with one infant: $23.55/hr

Two adults with one preschooler and one teenager (both parents working): $14.70/hr

And compare these to the median wages for some of the most common occupations in Silicon Valley:

Retail salespersons (25,990 employees, largest single occupation in the region): $10.98/hr

Office clerks (18.860 employees): $15.85/hr

Cashiers (17,550 employees): $9.89/hr

Janitors and cleaners (14,340 employees): $10.78/hr

(Continued...)
Keep in mind that self-sufficiency only measures whether a family can support themselves right now; it doesn't allow for costs of college education, retirement savings, unemployment, or other situations for which you might need to put some money aside. Also no meals out, entertainment, or vacations. But even at that minimum standard, too many jobs simply don't pay enough for a working family to make ends meet.

Here's a breakdown of the Self-Sufficiency Standard by budget item for a two-parent family with a preschooler and a teenager:

One more key point: the Self-Sufficiency Standard assumes that all working families are covered by job-based health insurance, which is increasingly not the case. Without access to job-based coverage, health care costs in the pie chart above shoot up from $348/month to an average $943/month, adding $7,140 to a family's annual expenses.

And of course this problem isn't confined to Silicon Valley. While the Valley does have some of the highest costs in the country, workers nationwide are feeling the sting of stagnant or declining real wages. We urgently need a new national direction towards economic policies that support families and make work pay. Check out EPI's Agenda for Shared Prosperity for some good ideas on how to make this happen.

The Merc is asking: How is the recession affecting you?

2008-05-07T09:20:00.000-07:00

The U.S. may not officially be in a recession yet, but with four straight months of job losses, an imploding housing market, gas at nearly $4 a gallon, and food prices spiraling up so quickly that some stores are rationing rice, most Americans don't need anyone to tell them that times are tight.

Columnist Mike Cassidy at the San Jose Mercury News wants Silicon Valley residents to tell him how the downturn is affecting their lives. Read all about it on his "Loose Ends" blog -- and send him your stories.

Some possible discussion sparkers:

On top of immediate strains to your household budget, how is the recession affecting you through its impacts on your neighborhood and community?

What fallout are you feeling from the housing market collapse and the credit crunch?

Do you worry about being affected by recession-inspired budget cuts to services like schools, health care, parks, libraries, public safety, and other proposed cuts?

In the longer term, do you see a hopeful future for your kids if they stay in Silicon Valley?

Building a Better Airport

2008-04-29T11:10:00.000-07:00

To counteract all the gloom and doom from the previous week, here's some good news: a new campaign for a living wage for all workers at San Jose Airport.

Last week, WPUSA released a report documenting alarming security and retention challenges at Mineta San Jose International Airport, stemming from the practice of subcontracting airport duties to workers who are paid minimum wage with no benefits or time off and receive little to no training on security procedures.

Community, labor and faith leaders have now come together to call on the City of San Jose to adopt a policy that assures a living wage for all workers at the Airport, along with improved oversight of job and training standards at subcontractors. (Continued...)

The rapidly rising cost of living in the San Jose region makes this campaign especially timely; surviving in Silicon Valley at minimum wage, difficult at the best of times, is becoming nearly impossible.

On the scale of the regional economy, establishing a comprehensive living wage policy will help to make San Jose Airport competitive with SFO and OAK, which have been gaining air passenger market share at the expense of SJC. Both of these neighboring airports have already implemented Living Wage policies. If San Jose does the same, it will help hundreds of workers and their families climb out of poverty, and could give the local economy -- particularly the visitor and retail sectors -- a boost that we badly need.

Find out more at the campaign website: Building a Better Airport.

SV Jobs Report: Unemployment jumps to three-year high; job growth slows, but remains positive

2008-04-18T17:25:00.000-07:00

Not too much good news in today's employment report from the state -- but it could be worse.

The unemployment rate for the San Jose metro region rose to 5.5% last month, reaching its highest level since July 2005.

On the bright side, employment growth remained small but positive. Unlike many regions of the state, Silicon Valley has not begun to lose jobs.

As the rising unemployment rate indicates, however, we are not adding enough new jobs to keep up with demand for work. In part, Silicon Valley may not be losing jobs because we've already lost them: the San Jose metro area remains far off of its peak employment, with 150,900 fewer jobs in the region now than in March 2001.(Continued...)

The chart at right shows which industries have gained or lost jobs over the most recent economy cycle. The only sector that has seen any substantial growth is Educational and Health Services, with 15,900 net new jobs. Most major sectors have declined, with the biggest job losses over the cycle in Manufacturing (-87,600 jobs) and Professional and Business Services (-53,200 jobs). Both of the latter sectors began to grow modestly in the past year or two, but they remain far from regaining the jobs lost.

Highlights of the local jobs report:

Compared to the previous month, the San Jose metro area added a net 4,900 non-farm jobs in March. The largest gains for March were in leisure and hospitality, with 1,700 new jobs, and professional and business services, with 1,200 jobs. The retail sector lost jobs for the third consecutive month, shedding 400 positions.

Over the year, the San Jose metro area added 7,200 jobs, a 0.8% increase from March 2007.

The biggest year-over-year gains were in manufacturing (+3,400 jobs), private educational and health services (+2,000 jobs), information (+1,600 jobs), and trade, transportation & utilities, which includes retail (+1,100 jobs).

The construction and financial activities sectors -- both strongly tied to the housing market -- continued to weaken, with construction losing 1,200 jobs over the year and financial activities losing 1,300 jobs. The region also lost 500 jobs over the year in leisure and hospitality.

For March 2008, the unemployment rate stood at 5.5%, up 0.3 percentage points from February and up 1.0 points over the year. That translates to 9,100 more unemployed residents (by official measures) than in March 2007.

Seven years after the tech crash, Silicon Valley holds 150,900 fewer jobs than it did in March 2001.

The Middle-Class Squeeze

2008-04-17T16:10:00.000-07:00

A recently released study of inequality shows that nearly all the benefits of California's growth since the late 1990s have gone to just one group: the wealthy.

The "Pulling Apart" study from the Economic Policy Institute analyzed income gains state-by-state for low, middle, and upper-income Americans. Between the late 1990s and the mid-2000s, in California:

The poorest fifth of families (with average income of $18,312) saw no significant income growth.

The middle fifth of families (with average income of $50,981) grew by just $1,889, or roughly $315 per year.

Average income for the highest-income fifth of families grew by $16,772. Most of this growth was at the very top of the scale; for the top 5% (with average income of $243,386), average income grew by $41,988.

This tremendously uneven distribution of growth led to stagnation for the middle class and the poor, and accelerated the growing gap between the very high-income and everyone else.

The gap between California's middle class families and the state's wealthiest residents is now the 3rd largest of any state in the country. (We can congratulate ourselves on providing a fairer shake for the middle class than Oklahoma or Mississippi, which were ranked #1 and #2.)(Continued...)

Because it does not include capital gains, this analysis actually underestimates the gap between the superrich and everyone else.

How do middle class Americans view this decade's economic shifts? In a recent poll of the U.S. middle class, 54% of respondents said that in the past five years, they had made no financial progress or had fallen behind. "Middle class" for this poll was self-defined by the respondents, 53% of whom identified as middle class (another 19% identified as lower-middle and 19% as upper-middle).

The Pew Research Center has been asking this survey question -- "Are you better off now than you were five years ago?" -- since 1964. This year, more middle class Americans said they were not better off than at any point in the past fifty years. An ever higher proportion, 79%, said that it's become more difficult for middle-class families to maintain their standard of living.

Inflation Hits Home

2008-04-16T10:12:00.000-07:00

According to Forbes Magazine, San Jose boasts the highest cost of living of any major metro region in the country.

If you've been to the grocery store or stopped at a gas station recently, you know that prices are headed higher still. Inflation indexes released today revealed big jumps in the prices of energy and food in March, leading to the second-largest monthly increase in wholesale inflation since 1975 (the largest increase was last November).

Apparel prices were down, though. Food, gas, housing and healthcare may all be unaffordable, but at least you can buy new clothes!

Here are the price increases for major household budget items since 2000[1] (not including the last couple months):(Continued...)
Healthcare costs lead the pack; in the past seven years, insurance premiums have more than doubled, up 110 percent. Gas isn't far behind, with an 86% increase (and the price is rising so fast that that's already out of date). Childcare is incredibly expensive; the average annual cost at a center for one preschooler is $10,200. Even food -- which has historically been cheap in the U.S. -- has started to shoot up. And then, of course, there's housing (see yesterday's blog post on the thankless tradeoff of renting vs. owning.)

The cost of living is rapidly becoming a worldwide problem. In recent months, the costs of basic necessities have been rising rapidly in international markets, leaving millions of people without enough to eat. Escalating prices for staple foods including wheat, rice, corn and soy are crating a global food crisis.

Here in the U.S., wobbly financial markets, overstretched banks and bankrupt mortgage companies are still getting more attention. But given the choice between a starving family or a Bear Sterns shareholder -- which one is more in need of government aid, and which one should be left to the mercies of the free market?

[1] Data from multiple sources. Food cost is an average for the U.S., based on USDA Moderate-Cost Food Plan. Health care cost is an average for California, based on worker's share of premium for job-based family health coverage. Electricity cost is based on residential rates in the PG&E service area. Gasoline cost is for regular unleaded in the SF-Oakland-San Jose metro area. All other items are based on costs in the Silicon Valley region. Housing costs reflect only the trend through 2006, as 2007 data is not available. Childcare cost reflects the trend from 1998-2006 as costs for 2000 and 2007 were not available.

Rent vs. own: Between a rock and a hard place

2008-04-15T09:52:00.000-07:00

Finding affordable housing may be the toughest financial challenge that most Silicon Valley residents face. Whether you rent or own your home, the last few months have not been good.

Caught by the nationwide mortgage meltdown, in Santa Clara County alone tens of thousands of homeowners are at risk of losing their homes. This chart pretty much says it all:

According to foreclosures.com, 3,133 Santa Clara County homeowners received notices of default on their mortgages in the first quarter on 2008 -- an increase of 64% over the first quarter of last year, and five times the number of defaults in Q1 of 2001. (A notice of default is the first step in the foreclosure process; not all of these homes will end up in foreclosure.)

Renters are feeling the pain too.(Continued...)
To afford a modest 2-bedroom apartment for their family, a worker in Santa Clara County must earn a minimum of $24.87 per hour, according to a study released last week by Housing California and the National Low Income Housing Coalition. That's $51,720 annually. At least a third of all county households had incomes below that standard last year.

And there's worse: these numbers are based on the "Fair Market Rent" for 2008, which was set by federal agency HUD at 40% of median rent last year -- $1,293 for a 2-BR in Santa Clara County. But as more families lose their homes or are reluctant to buy, there are more folks looking to rent, so rents have been shooting up. In San Jose, rents rose by an estimated 14.5% last year and are projected to grow another 7.8% this year, according to the Business Journal.

In addition to rising rents, renters are also being hit by the fallout of the mortgage crisis. The New York Times reported on Sunday that even renters are not immune from the mortgage crisis; as landlords are hit by foreclosures, tenants are increasingly being forced out of their homes. The NYT quotes Mark Zandi, chief economist for Moody's Economy.com, saying, "Landlords of all stripes could potentially get caught up in this very severe downturn. I suspect that it's going to be more of a problem for lower- to middle-income markets."

Local nonprofit organizations like Neighborhood Housing Services Silicon Valley, Project Sentinel, and ACORN Housing are urgently trying to help homeowners avoid foreclosure. If you are having trouble keeping up with your mortgage, or believe you may have been the victim of predatory lending, contact one of these agencies -- they may be able to help. Project Sentinel also helps renters.

What's happening to the economy?

2008-04-14T12:44:00.000-07:00

With gloom about the economy beginning to overshadow even sunny San Jose, more and more folks are concerned about what's really happening, how long it will last, and how the downturn will impact already-stretched working families.

This week WPUSA will post a blog entry each day on one aspect of the economy - housing, cost of living, the state of the middle class, and more.

Lots of new data and studies have recently come out that may shed some light on both the immediate recession and longer-term trends. We'll try to hit the highlights. Check back for updates.

Silicon Valley companies post record profits -- but no job growth

2008-04-14T12:33:00.000-07:00

The Mercury News yesterday published their annual feature on the "SV150" -- the top 150 public companies in Silicon Valley for 2007, ranked by worldwide sales. The top 150 companies had a good year. Both sales and profits reached record highs, with sales growing by 10.6% over the year and profits roaring ahead with growth at 35%.

So, what about jobs? It turns out that employment at the SV150 dropped in 2007 by -0.5%, down about 4,700 jobs from 2006, even as sales and profits grew. It was the first year since 2004 that total jobs among the SV150 declined. (This number represents total employment at each firm, not just jobs in Silicon Valley.)

The chart below (adapted from the Merc's chart) shows the top 10 companies that added and eliminated the most jobs, along with their sales trend and profit margin. Some of the job-losing companies performed poorly overall in 2007; it's no surprise that a company like Sanmina-SCI, with falling sales and a negative profits margin, would lay off workers. But what about the top two job eliminators -- Intel and Sun -- both with substantial profit margins and increasing sales? (Continued...)

If these companies created no new net jobs even with record profits, the prospects for job creation in 2008 look dim indeed. Many of the companies that finished strong in 2007 have been struggling in 2008, and the SV150's stock prices have been dropping for the last several months as investors shy away from tech.

While the Merc article still tried to paint a rosy picture, the story has a whiff of desperation about it. The front-page graphic lists four reasons "why Silicon Valley isn't in a recession" and leads with the line "If there's a recession going on, someone forgot to tell Silicon Valley."

Unfortunately, the people who live and work in this economy don't need anyone to tell them that times are tight. Bay Area residents now rate the economy as the region's number one problem, according to a recent poll by the Bay Area Council. Last year the economy wasn't even among the top three concerns. Silicon Valley's slowdown has also drawn the attention of the New York Times, which notes that "Job growth has slowed, start-up companies are hiring and spending more cautiously, and early-stage investors who nurture the start-ups with money and expertise are growing more frugal."

In another worrisome sign for the local economy, chip-maker Advanced Micro Devices (AMD) laid off 1,600 workers last week. One analyst suggested AMD might close its Sunnyvale headquarters altogether by the end of the year. Even the mighty Google recently laid off 300 employees

Collaborating to Build Good Green Jobs

2008-04-07T15:39:00.000-07:00

Check out the following article from the Partnership for Working Families (PWF) newsletter describing WPUSA's focus in the emerging new policy area of "green jobs". You can read more about green jobs campaigns around the country at the PWF website.

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Collaborating to Build Good Green Jobs
By Working Partnerships USA

Over the past year, the enormous challenge posed by climate change has been catapulted into the limelight. Prominent leaders in all sectors are now calling for serious and immediate efforts to fight global warming. As mainstream interest in the "green economy" explodes, so too has the concept of green jobs: the alluring idea that efforts to defend the environment can also create new job opportunities that will enable millions of people to climb out of poverty and restore the middle class.

Green jobs present an enormous opportunity. But we also see a growing threat: as investment capital pours into the field, the concerns of marginalized communities and even the underlying climate threat may be overridden by business concerns.

Job quality is key. Will green jobs be good jobs, accessible to all our communities? Or will the green economy be an hourglass economy, with a handful of people making huge profits at the top, propped up by a huge force of low-wage, disposable workers? (Continued...)

Unless we organize and advocate for high-quality jobs in our communities, we won't get them. We will just get more of the same -- poverty-level jobs and zero respect for workers -- while businesses brag about their freshly washed green credentials.

These aren't easy problems to solve, but communities and unions around the nation (and the world) have jumped into the fray. Many of these grassroots groups gathered at the Good Jobs, Green Jobs conference in March; more will come together at the Dream Reborn conference in April; all are organizing and strategizing around how to bring green jobs to their communities.

WPUSA's vision for a green economy is one in which union-community coalitions don't just fight for a piece of the green pie, but take the lead in creating new green jobs. Starting from our base of knowledge and experience with our grassroots base's needs and their potential, our organizations should be designing green policies and bringing in capital to make them work. If we design the programs ourselves, we can insure that they emphasize environmental justice for all neighborhoods, high standards for jobs, and integrated training and career ladder programs to fill those jobs with a local, highly qualified and motivated workforce.

What kinds of local green jobs can we create? In our own region of Silicon Valley, WPUSA is looking for opportunities in several sectors, including:

Energy efficiency building retrofits. Updating buildings with insulation, efficient lighting, and improved heating and cooling systems can save as much as 50-60% on energy costs. This is a golden opportunity to create new jobs for the construction trades and help families save money on their gas and electric bills.

Green building maintenance. As companies create green buildings and green processes, they need janitors, groundskeepers and other maintenance workers who have the training and resources to make the new processes work. But too often, these needs are ignored, and building services workers are expected to do twice as much work in the same amount of time with little to no training. There is an urgent need to turn this dynamic on its head by making green-focused building owners and managers aware of the key role building services workers will have in achieving their environmental goals, and convincing them of the value-added they gain by investing in responsible building services contractors and trained workers.

Waste management and reduction. Sanitation workers, environmental advocates, and communities impacted by landfills or waste disposal all have a common stake in reducing waste, increasing recycling or reuse, and finding safer ways to dispose of what waste remains.

Public transit. Inadequate or unaffordable public transit hits low-income communities the hardest; at the same time, lack of good public transit drives people into their cars, spewing out ever more CO2 into the atmosphere. Building effective transit systems and transit-oriented development would create jobs in construction and operations, help meet the needs of low-income families, and contribute enormously to the fight against global warming.

To pursue these possibilities, WPUSA has entered into a collaboration with the Silicon Valley Toxics Coalition, a San Jose-based environmental justice group. At the same time we are engaging with our region's Building Trades Council and with local service sector and public sector unions, while reaching out to community- and faith-based organizations, environmentalists, and local business associations.

Collaborating in regional, state, national and international partnerships will be critical to succeeding at this ground-breaking effort in which communities across the country are now engaged: to make green jobs good jobs.

Silicon Valley Jobs Report: Annual job growth falls below 1%

2008-03-24T13:08:00.000-07:00

Just a quick note on the February job numbers. Friday's employment report from the state showed that job growth in the San Jose metro region fell to 0.8% over the year, as the region added just 7,600 nonfarm jobs between February 2007 and February 2008. That puts our job growth rate below 1%: not a recession, but not a good sign either.

The graph below shows annual growth rates over the past three years.

While job growth is slowing, working families continue to face rising prices for basic goods, especially food and gas. The Mercury News reports that prices for flour, milk, and eggs have all risen more than 24% just in the past year. Gas is up to $3.66 per gallon for regular unleaded and a shocking $4.24 for diesel.

And don't think you can drown your sorrows -- thanks to a worldwide hops shortage, the price of beer is up too.(Continued...)

Highlights of the local jobs report:

The San Jose metro area added a net 2,900 non-farm jobs in February, with major industries showing a mixed picture. The largest gains for the month were in private educational and health services, which added 2,000 jobs (largely in higher education); leisure and hospitality, with 1,300 new jobs; and professional and business services, with 1,100 jobs. Meanwhile the retail sector lost jobs for the second consecutive month, shedding 2,100 positions. The government sector lost 800 jobs in February, due largely to school staffing reductions made in anticipation of state funding cuts for K-12 education.

Over the year, the San Jose metro area added 7,600 jobs, a 0.8% increase from February 2007.

The biggest year-over-year gains were in manufacturing (+3,300 jobs), private educational & health services (+2,400 jobs), information (+1,700 jobs), government (+1,300 jobs), and trade, transportation & utilities, which includes retail (+1,100 jobs).

The construction and financial activities sectors -- both strongly tied to the housing market -- continued to weaken, with construction losing 800 jobs over the year and financial activities losing 1,300 jobs. The region also lost 400 jobs in leisure & hospitality and 400 jobs in professional & business services.

For February 2008, the unemployment rate stood at 5.2%, down 0.1 percentage points from January (which normally has the highest unemployment rate of the year) and up 0.5 points over the year. That translates to 4,500 more unemployed residents (by official measures) than in February 2007.

Seven years after the tech crash, Silicon Valley holds 148,800 fewer jobs than it did in February 2001.

Silicon Valley Jobs Report: Job growth slows, but remains positive; housing crisis impacts economy

2008-02-29T13:53:00.000-08:00

Today's employment report from the state shows that the San Jose metro region lost 13,100 jobs last month. This isn't nearly as bad as it sounds: we always lose jobs in January, as retailers and others lay off the extra help they hired on for the holiday season.

However, with just a 1.3% increase in jobs since Jan. 2007, this month's employment continued to show evidence of a slowdown in Silicon Valley. The annual growth rate peaked in September 2006 at 2.8%, and has been on the decline ever since (see graph).(Continued...)

Job growth is still positive, but at just over 1% it is unlikely to keep up with the growth of the working-age population. The jobs picture may well continue to weaken, driven by actions like the recent layoffs at Yahoo and planned layoffs at the Mercury News, both of which won't show up in the jobs data until next month.

Sheila Bair, chair of the Federal Deposit Insurance Corp. (FDIC), warned last week that "Silicon Valley is not immune" to the economic challenges brought on by the national mortgage crisis. With foreclosures exceeding home sales in California last month, industries tied to the housing market are feeling the pain. Construction firms in Silicon Valley lost 500 jobs in January, and the financial activities sector dropped 1,200 jobs.

In more encouraging news, Silicon Valley added 4,500 manufacturing jobs in the past year: a small but significant reversal of the decade's trend of devastating losses in manufacturing, the region's largest employment sector.

Highlights of the local jobs report:

The San Jose metro area lost 13,100 non-farm jobs in January, due in part to seasonal declines. The retail sector eliminated 3,500 jobs, accompanied by declines of 2,500 jobs in leisure and hospitality (mostly in restaurants), 1,900 jobs in construction, and 1,600 jobs in professional & business services.

Over the year, the San Jose metro area added 11,400 jobs, a 1.3% increase from January 2007.

The biggest year-over-year gains were in manufacturing (+4,500 jobs), educational & health services (+3,300 jobs), trade, transportation & utilities, which includes retail (+2,000 jobs), information (+1,900 jobs), and government (+1,000 jobs).

The construction and financial activities sectors -- both strongly tied to the housing market -- continued to weaken, with construction losing 500 jobs over the year and financial activities losing 1,200 jobs. The region also lost 300 jobs in leisure & hospitality and 100 jobs in professional & business services.

For January 2008, the unemployment rate stood at 5.3%, up 0.2 percentage points from last month and up 0.5 points over the year. That translates to 4,900 more unemployed residents (by official measures) than in January 2007.

Seven years after the tech crash, Silicon Valley holds 151,000 fewer jobs than it did in January 2001.