Ryan Avent gives us two charts that make the point that despite the recession’s origins in the high-priced world of finance, the resulting unemployment has a distinctly blue collar look to it:
I imagine that, AIG bonuses aside, there’s been a very large amount of lost wealth and income on Wall Street that, in turn, trickles down to job losses in the retail and expensive restaurant sectors. But not only is the total unemployment rate in finance low, but the increase in unemployment there has been distinctly modest compared to construction, mining, agriculture, manufacturing, retail & wholesale, and even transportation. It’s a reminder that endlessly fascinating as the financial snarl may be, you’re mostly look at a collapse in demand. People in general are buying less stuff, leading to fewer jobs in the fields of making stuff, moving it around, and selling it.