New employment data show widely shared labor-market pain. I think the K-shaped recovery story -- that the top third or quarter is just fine -- is too simplistic.
Short thread focusing on education levels, using new Sept CPS microdata.
1/
Short thread focusing on education levels, using new Sept CPS microdata.
1/
In general, unemployment has risen more for people with less education. Older workers with college degrees have seen the smallest rise.
But unemployment is up several points for younger people with college degrees, too.
2/
But unemployment is up several points for younger people with college degrees, too.
2/
Core unemployment -- which strips out temporary layoffs -- is up similarly across all three education levels. Headline unemployment shows a bigger gap by education, but some of that is temporary.
3/
3/
In sectors that pay more and tend to hire college grads, unemployment is less likely to be temporary.
Though, of course, some temporary layoffs turn permanent.
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Though, of course, some temporary layoffs turn permanent.
4/
Payroll employment tells similar story. Jobs where people can work from home (and pay more and hire more college grads) are doing better than other jobs but are not doing just fine.
High-WFH employment down almost as much as peak-to-trough in Great Recession.
5/
High-WFH employment down almost as much as peak-to-trough in Great Recession.
5/
Summing up: absolutely there are huge disparities in pandemic effects -- by education, gender, race/ethnicity, age, geography -- and in the resources to manage setbacks.
But the economic damage is widespread.
6/end
But the economic damage is widespread.
6/end
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