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White Blue Collar Economy USAGM

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  • White Blue Collar Economy USAGM
  • March 2, 2023
  • Big Tech shed tens of thousands of jobs over the past several months as giants Google, Amazon, Meta and Microsoft have reduced their workforces. But while white-collar jobs are cut, some blue-collar jobs are difficult to fill despite the rising wages in that sector of the economy. Keith Kocinski has more.
  • Content Type Package
  • Language English
  • Transcript/Script USAGM Share ((PLAYBOOK SLUG: White Blue Collar Economy HEADLINE: White-Collar Layoffs While Blue-Collar Worker Demand, Wages Rise TEASER: Economists says blue-collar workers may fare well in coming short-term recession PUBLISHED AT: Thursday, 03/02/2023 at BYLINE: i CONTRIBUTOR: Rendy Wicaksana DATELINE: New York VIDEOGRAPHER: Keith Kocinski, Rendy Wicaksana PRODUCER: Keith Kocinski, Rendy Wicaksana EDITORS: Tsikhanenka, Holly Franko VIDEO SOURCES: VOA, AP, AFP, Reuters, YouTube VOA PLATFORMS: WEB__TV_X__RADIO_X__ TRT: VID APPROVED BY: TYPE: TV EDITOR NOTE: )) ((NTRO)) [[Big Tech shed tens of thousands of jobs over the past several months as giants Google, Amazon, Meta and Microsoft have reduced their workforces. But while white-collar jobs are cut, some blue-collar jobs are difficult to fill despite the rising wages in that sector of the economy. Keith Kocinski has more.]] ((NAT SOUND OF PHILCO PLUMBERS LOADING)) ((VOA - PHILCO WORK VIDEO)) ((NARRATOR)) 29-year old Alec Antignani gave up his white-collar career in the financial services industry to continue his family’s Brooklyn, New York-based business, Philco Plumbing. He says 2022 was a great year for his company financially, and he expects more growth in 2023. [[Radio: Alec Antingnani, the owner of Philco Plumbing] ((Alec Antignani, Owner, Philco Plumbing)) “I am looking to hire. I actively look to hire. I interview once a week. Every Wednesday we conduct interviews.” ((VOA - BLUE COLLAR WORKERS AT WORK)) ((Reuters - GOOGLE SIGN)) ((AP - PAYPAL SIGN)) ((REUTERS - MICROSOFT)) ((AFP - OFFICE FOOTAGE)) ((NARRATOR)) While many in the trades and blue-collar sector still struggle to hire employees, large white-collar companies … … especially in the tech industry, cut their workforces, which had expanded significantly during the pandemic hiring spree. ((Montage of YouTube Videos)) ((MANDATORY COURTESY: YouTube)) ((MANDATORY COURTESY:@Mushu909)) ((MANDATORY COURTESY: @theveldmanway)) ((MANDATORY COURTESY: @nathorniel_)) ((MANDATORY COURTESY:@will.rising)) “I got laid off” “I got laid off.” “I was laid off by Google” “I was laid off from my job at Meta” ((NARRATOR)) ((VIDEO: VOA Graphics)) In January, Google cut 12-thousand jobs, around 11-thousand at Meta in November, and another 10-thousand at Microsoft through March 31st, a widespread trend throughout the tech industry. [[Radio: Giacomo Santangelo, Senior Lecturer of Economics at Fordham University]] ((Giacomo Santangelo, Senior Lecturer of Economics, Fordham University)) “Now what we are experiencing is we got to cut the fat. They over-hired. So instead of downsizing, which we would expect companies to do in tough times, they are rightsizing in anticipation for what’s to come.” ((REUTERS - COLLAGE GRAPHIC W/ARROWS)) ((VOA- CONSTRUCTION WORKERS)) ((AFP - OFFICE FOOTAGE)) ((NARRATOR)) What’s to come is what some economic experts call a “short-lived recession.” But various sectors of the economy will be affected differently by it. [[Radio: Giacomo Santangelo again]] ((Giacomo Santangelo, Senior Lecturer of Economics, Fordham University)) “Different people are going to experience the economy in different ways. White-collar workers, you know, may be caught up in a recession that blue-collar workers don’t experience.” ((VOA- CONSTRUCTION WORKERS AND BLUE COLLAR WORKERS)) ((NARRATOR)) The reason for that is a lack of workers in the blue-collar labor market, which led to an increase in wages in this sector of the economy. [[Radio: Giacomo Santangelo again]] ((Giacomo Santangelo, Senior Lecturer of Economics, Fordham University)) “As long as there is a shortage in workers, we should expect to see wages increasing.” ((VOA- CONSTRUCTION WORKERS AND BLUE-COLLAR WORKERS)) ((NARRATOR)) The depletion of the blue-collar work force can be partially blamed on recent cultural shifts, experts say. [[Radio: Giacomo Santangelo]] ((Giacomo Santangelo, Senior Lecturer of Economics, Fordham University)) “I think the problem that we run into is that we’ve gotten into this habit I’ve seen: it’s important to go to college. It’s important to go to college. It’s important to go to college. Instead of saying it’s important to learn a skill.” ((VOA - PHILCO PLUMBING)) ((NARRATOR)) Those in the trades worry about the longevity of their fields and say they need to adjust. [[Radio: Alec Antignani, the owner of Philco Plumbing]] ((Alec Antignani, Owner, Philco Plumbing)) “If our industry does not develop more technology, the younger minds are not going to be part of it because our generation, the millennial generation, is run by technology.” ((VOA- CONSTRUCTION WORKERS AND BLUE-COLLAR WORKERS)) ((VOA- OFFICE WORKERS AT NOVO)) ((AFP- GOOGLE)) ((REUTERS - MICROSOFT)) ((VOA- OFFICE WORKERS AT NOVO)) ((NARRATOR)) Experts say the demand for blue-collar workers and their increasing wages may eventually cool with an economic slowdown, while smaller tech companies could benefit from qualified workers losing their positions at large tech companies. ((Keith Kocinski for VOA News, New York))
  • NewsML Media Topics Arts, Culture, Entertainment and Media
  • Network VOA
  • Embargo Date March 2, 2023 05:22 EST
  • Byline Keith Kocinski
  • Brand / Language Service Voice of America - English
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