It’s White-Collar Jobs That Are at Risk in the Next Recession

Ever since the mass layoffs early in the pandemic, US businesses have been adding workers at a rapid clip. Now they’re slowing down, pulling job listings, and scaling back hiring plans as the Federal Reserve aggressively raises interest rates to fight inflation.

That’s darkening the outlook across the economy—but it’s especially problematic for white-collar industries including business services, tech, banking, and real estate, where staffing numbers are far above pre-Covid levels. Layoffs have already begun, with Netflix, real estate broker Re/Max Holdings, and social media platform Snap all announcing staff reductions.

“The sectors that are probably most vulnerable ...