[Music] Well job growth across the US slowed but Remained healthy last month the labor Department says employers added 175,000 jobs in April that's still Strong but it's the smallest monthly job Creation recorded since October of last Year unemployment increased slightly to 3.9% the US has been able to maintain a Rate below 4% for more than 2 years now That's the longest stretch at that level In more than 50 years even as the Unemployment rate ticked up very Slightly the number of jobless claims Still remain historically low that Doesn't apply to everyone a Business Insider report is warning about white Collar recession it appears that the More you earn the harder it has been to Find a job right now CBS News spoke with People who have been in a similar Position hardcore applying on the Internet on indeed LinkedIn uh and it Was hard because the uh denial emails Started coming back saying you're not Qualified job has been filled uh and it Was very stressful in that regard uh Trying to find a secure job I feel bad For even complaining about being Unemployed for 3 months because there Are people out there who are dealing With this for over a year and at this Point that's going to be me and that's a Very very scary thing for more on this
AKO joins me now she's a chief Correspondent at Business Insider where She wrote an article on this trend so Aki when we look at the federal data Hiring is robust we're hearing that Employers can't find people to fit into Their positions that they have open but It's a very different story that you're Hearing from people who are better Educated who have more job experience so Talk to us about what's going On sure so for about a year now I've Been hearing from so many job Seekers That it's just been a terrible market For them that they've had such a hard Time looking for a new job and that Hasn't made a lot of sense to me because The government statistics show a very Strong job market um but there's new Data that came out from vangard that Finally kind of solved that riddle for Me um it seems that uh for workers who Are earning six figure salaries so these Are very elite White Collar Professionals the hiring rate has Plunged to some of the lowest levels We've seen in a decade um so it turns Out that it is actually a really Difficult time for white collar workers To find a new job at the moment and What's behind that why are companies Hiring so few of these Elite Professionals you know the honest answer Is nobody knows for sure um it could be
That uh white collar workers are leaving Voluntarily leaving their jobs a lot Less than before so companies just have Uh less headcount to fill um but but I Think that one of the worrying uh Hypotheses is that companies are Preparing for slower times ahead as a Result they're cutting costs and if they Need to cut costs then it makes sense to Cut the costs where the salaries are the Highest which are the white collar Elite Professionals instead of the blue collar Workers at the front lines well a you Had mentioned people leaving their jobs Voluntarily and that was certainly Something that we saw during the Pandemic actually it was called the Great Resignation what's going on Now well um a lot of commentators have Called this period the big stay um which Is kind of the opposite the great Resignation uh very few people leaving Their jobs and uh just less hiring going On across the board um but my colleague Emily Stewart actually calls it the Trapped in place economy and I think That better captures the sentiment of What's going on at least in the White Collar Workforce um most people who want A job have a job that is the case even In the white collar Workforce uh but if You're unhappy in your job and you want To find a new one you can't really do
That right now because so few companies Are hiring for these white collar roles As a result they feel trapped really Interesting getting deeper into those Numbers with you AKO thank you thank you So much
