Even the rich are having a tough go of it in this economy.
Americans earning at least $125,000 a year are being laid off at three times the rate of those with low or moderate incomes, according to research from Bank of America, citing data on jobless benefits deposited in customer accounts.
In its report, Bank of America cited a “shift up in higher-income unemployment” in July, which saw a 70% increase versus a year ago in the number of six-figure earners who received unemployment benefits.
“Lower- and middle-income households remain fairly resilient, while higher-income households appear to be feeling more of a pinch from the labor market,” the Bank of America report read.
Sectors that offer high-paying jobs such as tech and finance have been beset by layoffs over the past few months.
Moooppchelle? ?
Corporate greed. Locally at Purdue Farms, I know several long time employees who have been either laid off or fired, management included, just to be replaced with younger employees commanding much less pay.