JPM: Variables to determine an NBER recession… still pretty decent pic.twitter.com/1yMr8U8LOA
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) August 27, 2024
White-collar employment is weakening:
The number of employees in professional & business services and financial & information industries rose just 0.6% year-over-year in July, the lowest since March 2021.
In other words, employment in these industries has increased by just… pic.twitter.com/XR2lkCXeB4
— The Kobeissi Letter (@KobeissiLetter) August 28, 2024
There are signs of weakening in white-collar employment. Recent reports indicate that while overall job growth remains strong, the growth in white-collar jobs, particularly in professional and business services, has slowed significantly. This sector has added fewer jobs compared to previous years, and high-income job hiring rates have dropped to their lowest levels since 20143.
Sources:
https://www.usatoday.com/story/money/2024/04/11/cpi-report-white-collar-hiring-slows/73270352007/
https://www.foxbusiness.com/economy/white-collar-workers-struggling-find-job-labor-market-slows
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