Why has hiring plunged for white-collar jobs?

According to the Labor Department, job growth slowed across the U.S. in April but remained healthy. While the number of jobless claims remains historically low, a Business Insider report is warning of a possible white-collar recession. Aki Ito, chief correspondent at Business Insider, joins CBS News to explain.

[jericherry]

Companies say whatever they want to say about hiring workers. Oh you are over qualified. Oh you are under qualified. Such BS!

[MattyIcecubes]

These companies are just trying as hard as they can to not pay people what they're worth.

[mrL]

I wish the government would be honest about this. It's similar to 2008.

[taurahelms]

Some of the so-called employers just want to pay lower wages while getting more productivity.

[jaredmotopnw]

Why is no one talking about the unemployed people whose unemployment insurance ran out? That’s why the numbers are so low. They’re unaccounted for!

[stephanieofili]

I know many people with 50-70k salaries that can’t find a job. I am tired of everyone lying about the unemployment situation.

[ripplecutter]

2:30 lmao 100k is not elite anymore, it's the bare minimum to even stand a chance at affording a home

[davidcarp]

Govt lies! 6 figure salary isn't 'elite' by the way. It's a survivable level of income, or not, if you're in an expensive metro area.

[kingokafor]

Went to walmart today only to discover 4 of 8 of the self check out machines have been laid off

[reilorenzo]

I'm tired of them saying jobs were added... I want to know who's actually being HIRED. The news keeps saying everything is healthy and fine but REAL people are telling a much different story 😑

[KP]

But Jerome Powell tells me that the job market is TOO GOOD right now for job seekers, and thus it's causing inflation because companies just can't find workers!! He clearly says that the main reason he's keeping interest rates high is to purposely make the job market even worse for job seekers! And NOBODY ever mentions how ludicrous it is for him to say that!

[josecastillo-neue]

To artificially make a supply shortage to make people take lower salaries

[rmc]

I don't agree with the last statement from Aki Ito, "if you want a job, you get a job", well i've been looking for a white collar job since last year when i got laid off and i've haven't found one. Lots of competition every where for the same job and I have more than 12 years of experience as a software developer.

[b.cdrisk]

It's not just elite white-collar professionals, but a lot of office jobs in general

[FireoftheRedSun]

Why would you not know? Ask those in charge of the hiring. They are trying to drop those salaries. Cutting costs. Money can go to stock holders.

[trustt]

Is it just me or did they totally skip the increased adoption of AI?

[misugrrl]

This is all going to blow up in company's faces - Ai doesn't buy products or services. Short-term, its been used as a cost-cutting tool by executives to trim their labor forces. But if you trim too much and leave too many people unemployed, which they've done, you're going to leave very few people in a position with disposable incomes to then use your services and products. Fast Food companies are seeing this now in their last quarterly report - a drop in revenue despite raising prices - they've found less people coming in. It's all going to blow up in their faces. Ai wasn't meant to be a replacement, it was meant to be a tool to enhance worker productivity. Executives are going to learn the hard way.

[coldram]

the dream of having 6 figures salary is dead. Today due to recession that 6 figures feels like 4 figures.

[kerri]

So I just watched this story for 4.5 minutes to hear the answer is "we don't really know". 🤷‍♀

[bbvqifm]

Because someone who knows how to fix your plumbing is now more valuable than the tech bro who use to be "the smart one".