A white-collar recession refers to a situation where job losses are concentrated in white-collar or professional occupations, such as management, finance, and administration, rather than blue-collar or manual labor jobs. This type of recession is often characterized by layoffs, downsizing, and company closures in industries such as banking, real estate, and technology.
White-collar jobs typically require higher levels of education and training than blue-collar jobs, and they often pay higher salaries. However, during a white-collar recession, these jobs are not immune to economic downturns, and individuals in these occupations may also experience job losses and financial instability.
White-collar recessions can have a significant impact on the overall economy, as the loss of jobs and income in these sectors can lead to reduced consumer spending and slower economic growth. They can also result in long-term unemployment for highly skilled workers, as their job opportunities may be limited in a weak labor market.
In summary, a white-collar recession is a recession that primarily affects professional or managerial workers, as opposed to blue-collar or manual labor workers.