‘It will be mostly a white-collar recession’: Milken Institute economist William Lee on how the next downturn will be different
“It will be mostly a white-collar recession. And the blue-collar recession will not be in the same places that we saw in the past.”
Amid rising expectations among economists of a recession — commonly defined as two consecutive quarters of negative growth — Lee said there’s still a demand for blue-collar workers in service and manufacturing, which will help protect those workers if a recession hits. The U.S. created a robust 372,000 new jobs in June, despite predictions of a broader slowdown in hiring and growing fears of a recession. Economists polled by The Wall Street Journal had forecast 250,000 new jobs. Job growth was particularly pronounced in manufacturing, wholesale, retail, transportation and warehousing, Labor Department data showed.
Last month, Coinbase COIN extended a hiring freeze and rescinded some accepted job offers, citing current market conditions.
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