Posted on Jan 5, 2023
White-collar layoffs soar at brand-name companies amid concerns of economic slowdown
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"At the beginning of the pandemic, waves of layoffs hit retail, leisure and hospitality workers — anyone whose job depended on in-person interactions.
But now that the pandemic is waning, those workers are in shorter supply — and now, it's higher-paid employees who find themselves at the receiving end of layoff announcements."
But now that the pandemic is waning, those workers are in shorter supply — and now, it's higher-paid employees who find themselves at the receiving end of layoff announcements."
White-collar layoffs soar at brand-name companies amid concerns of economic slowdown
Posted from nbcnews.com
Economy
Employment
Jobs
Posted >1 y ago
Responses: 5
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We have a strong economy with record low unemployment. We also have companies using artificial inflation to rake in record profits.
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LTC Eugene Chu
..."Jobs obsolete?
A college degree remains the best predictor of employment: As of November, the unemployment rate stood at 2% for workers 25 and older with bachelor's degrees or higher, compared with the 3.7% national rate. Even for workers 25 and older with just some college, the unemployment rate is a still-low 3.2%.
But a different measure of America's jobs situation — the overall labor force — reveals a more troubling pattern. The size of the labor force composed of college graduates aged 25 and older has shrunk for three-straight months after peaking at 63.7 million, equivalent to losses of 648,000 workers who are no longer looking for work if they find themselves out of a job.
That’s the biggest sustained loss since the outset of the pandemic.
For those with only some college education, the situation is even more dire: The pandemic has caused that labor force to shrink by 1.5 million workers to a total of 35.9 million, and now sits at a level not seen since April 2007.
"I think looking at middle-management jobs — that’s what we think they are — there might have been a lot stress on those managers," said Jane Oates, president of WorkingNation, a nonprofit focused on work force development. "They might be taking a pause to reduce the stress."
These trends may speak to more structural economic challenges than slowing economic growth, experts say.
"Companies are starting to reshape their businesses," said the Milken Institute’s Lee. "They want to be more profitable for this age where labor is scarce and expensive, so they’re incorporating more technology."
..."Jobs obsolete?
A college degree remains the best predictor of employment: As of November, the unemployment rate stood at 2% for workers 25 and older with bachelor's degrees or higher, compared with the 3.7% national rate. Even for workers 25 and older with just some college, the unemployment rate is a still-low 3.2%.
But a different measure of America's jobs situation — the overall labor force — reveals a more troubling pattern. The size of the labor force composed of college graduates aged 25 and older has shrunk for three-straight months after peaking at 63.7 million, equivalent to losses of 648,000 workers who are no longer looking for work if they find themselves out of a job.
That’s the biggest sustained loss since the outset of the pandemic.
For those with only some college education, the situation is even more dire: The pandemic has caused that labor force to shrink by 1.5 million workers to a total of 35.9 million, and now sits at a level not seen since April 2007.
"I think looking at middle-management jobs — that’s what we think they are — there might have been a lot stress on those managers," said Jane Oates, president of WorkingNation, a nonprofit focused on work force development. "They might be taking a pause to reduce the stress."
These trends may speak to more structural economic challenges than slowing economic growth, experts say.
"Companies are starting to reshape their businesses," said the Milken Institute’s Lee. "They want to be more profitable for this age where labor is scarce and expensive, so they’re incorporating more technology."
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Happy 2023
Do you have any job openings in the Dallas area.
Darrell McGraw
Do you have any job openings in the Dallas area.
Darrell McGraw
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