One chart shows white-collar biz is thriving even as jobs dry up
Source: Business Insider ·
There is a striking contrast between the decline in employment in white-collar sectors and the rise in their economic output.
From the source
Employment in white-collar sectors has dipped, while output is surging.Maskot/Getty ImagesEmployment has dropped in white-collar sectors, while output has continued to surge.AI and economic uncertainty are two likely reasons for the sluggish white-collar job market.Still, how productive AI makes companies remains a question.The white-collar sector is doing more with less.While the number of total jobs has slid in industries like finance, tech, and professional services, output has been on a tear. Gad Levanon, the chief economist at the Burning Glass Institute, examined how employment in white-collar-heavy sectors compares with real gross domestic product.He wrote in a Substack article that employment in finance, insurance, information, and professional and business services is collectively down roughly 2% since the end of 2022, while real output for these sectors has soared by 16%. The ongoing slow decline in employment for this group goes against historical patterns and highlights…