Lower-paid workers are also likely to have a harder time recovering from a period of joblessness, in part because they tend to have fewer savings and are less likely to own a home.
These industries saw smaller initial declines in employment, but in many cases their losses have since grown even as other sectors of the economy have begun to recover. Employment in finance and insurance was down just over 1 percent between February and late April but nearly 5 percent between February and late June, according to economists from the Federal Reserve and University of Chicago, who analyzed data from the payroll processor ADP.
Some high-wage sectors, the information industry among them, also continued to see layoffs in July even as the economy added workers, the“Those are typically fairly recession-proof industries now that are continuing to lose jobs, even though every other industry is recovering to some degree,” said Julia Pollak, a labor economist with the job-posting platform ZipRecruiter. “That’s really cause for concern and pause.
Persistent white-collar layoffs and wage cuts would hold significant effects for the rest of the economy, particularly because spending among wealthier Americans helps support jobs in blue-collar service sector jobs at restaurants, for example, and hair salons or workout studios.
Se are going to shut down for 14 days........................ or forever.😱
Many people work in businesses dependent upon hospitality, travel, retail, consumer products, transportation, entertainment... even banking (no small biz loans). The stock market is going up because those with a salary are not spending so they are investing, particularly in tech
so now the predominantly white white-collar workers finally get it and its a big emergency.
Fake news.
Gee what do you think was holding up white collar jobs? White collar wages? Or maybe the unemployment people WERE getting.
_Jason_Dean_
COVIDー19 lockdowns
Seems like a great way to break the economy and usher in a Communist or Socialist revolution, but that's just crazy conspiracy talk, right?
Scared now ? Lol.
So, NOW it'll be a problem?
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