the white-collar recession
The More You Earn, The Harder It Is To Find A Job Right Now
A new report shows the real winners — and losers — in the job market.
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The Lede
Over the past year or so, pretty much everyone who's looked for a job has told Business Insider's Aki Ito the same thing: The job market is brutal right now. Listening to them, you'd think we were in the middle of a recession. But the confusing thing is we're nowhere close to one. Unemployment is near a five-decade low. The economy is adding hundreds of thousands of jobs each month. So why are we hearing such a different story from people on the ground?
Key Details
- Vanguard calculated a national hiring rate broken down by income level. Among those who make more than $96,000? It's pretty depressing. Hiring has slowed to a dismal 0.5 percent.
- The question here is "why." Why are companies hiring so few white-collar workers right now?
- "If you need to pull back on costs," says Fiona Greig, the global head of investor research and policy at Vanguard, "pulling back on expensive workers will reduce costs to a greater extent than pulling back on your lower-income workers."