Is a white-collar recession looming?

On december 2nd America’s Bureau of Labour Statistics (BLS) reported that the number of workers on non-farm payrolls rose by 263,000 in November, fewer than the 284,000 in October but hardly a sign of wide-reaching retrenchment. The country’s labour market remains awkwardly tight, with 1.7 job openings for every unemployed American in October, the latest figure available. Many businesses are still contending with staffing shortages in factories and restaurants.

Meanwhile, in a seemingly parallel universe, American technology firms have shed 88,000 workers this year, according to Crunchbase, a data provider. On November 30th DoorDash, a food-delivery business, joined the firing frenzy, announcing it would lay off 1,250 workers, 6% of its total workforce. Banks have also been showing staff the door. On December 1st Wells Fargo, an American lender, reportedly cut hundreds from its mortgage division. Barclays, a British one, let go of around 200 workers last month. Wall Street…

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