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        Economic Downturn Hits Once-booming Silicon Valley | The Study of Economics

        Although the tree-lined Hewlett-Packard facility appears calm, April 20, 2001, in Palo Alto, CA, HP has announced that it will eliminate 3,000 management jobs, in addition to more than 1,000 marketing jobs that were cut in January, in an effort to clamp down on costs amid a slowdown in sales. A year ago, Silicon Valley's booming economy produced 64 new millionaires per day but now a slowing economy is hitting area high-tech communities with cuts to staff and spending.

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