Labor market mystery: Why higher-income workers are hurting the most

Dec 31 2022 by POLITICO - TOP Stories

 

Sen. Elizabeth Warren and other progressives have protested that the Federal Reserve’s steep interest rate hikes threaten to punish millions of ordinary workers.

But so far, it’s the higher-income professionals at tech companies and Wall Street banks who have felt the most pain.

Goldman Sachs, Amazon and Facebook are among the firms that have announced plans to shed thousands of workers, while there have been comparatively few layoffs at the lower-wage end of the labor market....

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