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A white-collar recession

30-4-2024 < Attack the System 27 183 words
 
More money; more problems. 

That’s the current job trend, as higher-paid employees are having trouble finding work despite a historically strong labor market.



It’s creating what Business Insider’s Aki Ito describes as a “white-collar recession.” The hiring rate for workers making less than $55,000 annually (1.5%) is well above the rate for those making more than $96,000 (0.5%).



It’s true not many people need work, so the lack of open roles isn’t critical to the economy. But not everyone is happy at their job.



The dearth of hiring for higher-paying jobs has created a “trapped in place” economy, a concept previously highlighted by BI’s Emily Stewart.



There are worse problems than making six figures at a job you don’t particularly like. Especially considering the number of Americans struggling to afford basic necessities but making too much to get help.



But as Aki points out, white-collar workers’ issues could be a sign of bad times to come for everyone. Companies’ hesitancy to hire expensive talent might be about preparing for a market downturn.

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