Highest-paid employees struggle to find work

But first, the fate of the upper middle class.

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The big story

High salary, low atmosphere

More money; no more problems.

This is the current trend in employment, as higher-paid employees struggle to find work despite a historically strong job market.

This creates what Business Insider’s Aki Ito describes as a “white-collar recession.” The hiring rate for workers earning less than $55,000 per year (1.5%) is much higher than that of those earning more than $96,000 (0.5%).

It’s true not many people need work, so the lack of open roles is not critical for the economy. But not everyone is satisfied with their work.

The lack of recruitment for better paying jobs has created a an economy “stuck in place”a concept previously put forward by Emily Stewart of BI.

There are worse problems than making six figures at a job you don’t particularly like. Especially considering how many Americans struggle to afford basic necessities. but i earn too much to get help.

But as Aki points out, white-collar problems could be a sign of tough times ahead for everyone. Companies’ hesitation to hire expensive talent could be because they are preparing for a market downturn.

The so-called white-collar recession could also have a lasting impact on the high-income labor market.

This comes as well-paying jobs have recently faced headwinds. Last year saw the disappearance of middle managers.

And the long-term impact of AI on white-collar roles remains an ongoing question. For example, a key position for aspiring Wall Streeters – investment banking analyst – could face a decline in hiring thanks to the advantages of AI.

This fits into the larger theme of efficiency that big tech companies tout. most of the year.

There’s still money to be made in corporate America, that’s for sure. AI specialists remain a sought-after asset for most companies. Cybersecurity is another good bet because businesses are invest big in space.

But for the rest of us, the era of comfortable jobs with healthy salaries and light responsibilities could end.

Perhaps that’s why Gen Z is going through its own divide. While some young workers are looking to quickly climb the corporate ladder, others have completely disconnected from work or school.

3 things about the markets

1. From a dream job to a nightmare. Christine Ji’s long days as a junior banker took their toll, and the workload eventually led her to collapse in the office. The event forced her to re-evaluate the career she thought she always wanted.

2. It’s a big week for stocks. Federal Reserve rate cut decision and press conference. The April jobs report. Earnings reports from tech giants Amazon and Apple. Raymond James Chief Investment Officer Larry Adam Breaks Down What to watch out for during a busy week for the market.

3. Amazon is organizing the results party. The e-commerce giant is expected to report its first quarter results after the closing bell on Tuesday. Major Wall Street banks, including Bank of America and Goldman Sachs, are optimistic about technology title “Magnificent Seven”.

3 things in technology

1. Elon Musk’s trip to China paid off. Musk made a surprise visit to meet and discuss with Premier Li Qiang the deployment of fully autonomous driving in China. Approval of this technology could boost Tesla’s sales in the country, but would not be without intense competition, as local rivals develop their own versions of FSD. Tesla stock jumped thanks to that of Musk FSD “home run”.

2. Presentation of the best VCs in defense technology. The space has exploded in recent years; Defense technology startups received more than $109 billion from investors between 2021 and 2023, according to PitchBook data. Meet the people behind this initiative.

3. The boss of Nvidia does not hesitate to show himself to be a demanding leader. CEO Jensen Huang has a formidable reputation – and that’s how he likes it. “It should be like this,” he said in a recent interview with “60 Minutes.” “If we want to do extraordinary things, it shouldn’t be easy.”

3 things in business

1. Sorry, America. High interest rates have been here for a while. The Federal Reserve will announce its latest interest rate decision on Wednesday – and traders think borrowing costs likely to remain unchangedaccording to the CME FedWatch tool.

2. Paramount CEO Bob Bakish has resigned. For now, three executives will take his place. Bakish’s departure comes as major shareholder Shari Redstone moves closer to selling her majority stake in the company.

3. Shopify is planning a change in its Support division. Director of Support David Kohl said in an update posted to the e-commerce company’s internal Workplace page: Shopify has seen success in its AI experimentscausing some employees to fear that job cuts are coming.

In other news

What’s happening today

• Today’s winnings: Amazon, Starbucks, Pinterest and others companies report.

• Binance founder Changpeng Zhao will be sentenced after pleading guilty to failing to comply with an anti-money laundering program.

The Insider Today team: Dan DeFrancesco, associate editor and presenter, in New York. Jordan Parker Erb, editor-in-chief, in New York. Hallam Bullock, editor, in London. George Glover, journalist, in London.