White-Collar Downturn: The Hidden Recession No One Wants to Admit

LISTEN and SUBSCRIBE on:

Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 

Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i 

WATCH and SUBSCRIBE on:

https://www.youtube.com/@WatchdogOnWallstreet/featured  

A sharp deterioration in white-collar jobs exposes a growing mismatch in the U.S. labor market: too many degree-holders, not enough hands-on workers. The result? Nearly 2 million unemployed college-educated Americans, the worst since the early ’90s. Young graduates are getting crushed, STEM majors included, while mainstream commentators gloss over the deeper structural issues. Chris breaks down the real story behind the numbers—and why the public feels a downturn even as TV pundits insist everything is great.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
We have ourselves some major cracks inside the latest jobs report.
The BLS report a sharp, sharp deterioration in white collar jobs. Yeah,
a very I guess. I want to call it a
mismatch between the oversupply of college educated workers and a

(00:41):
shortage of talent for non degree hands on jobs. It's
even grown more pronounced, which is interesting. Yeah, those holding
four year degrees now make up a record twenty five
percent of all on employed one point nine million people.

(01:05):
That's the that's the highest level we've seen since nineteen
ninety two, and I remember that period of time. Well,
unemployment rate for bachelor's degree holders climb to two point
eight percent in September, while jobless for other education groups
remain relatively the same. Young degree holders are getting squeezed

(01:28):
the most. Unemployment for ages twenty to twenty four jump
to nine point two percent. Now, you rarely see that
outside of a recession. And this is again this is
something that you know, I've talked about in the past week.
You were more inclined to see in Europe than right

(01:52):
here in the United States. I got a little bent
out of shape. I actually saw a clip that it
sent to me. They're doing the job report on Fox
Business and Steve Moore, and I've had I've interviewed Steve Moore,
He's been on my program in the past, and I
normally like some of the things he has to say.
But man, he was really out of line in this statement.

(02:14):
He was going after the younger generation. He was calling
him snowflakes and the fact that oh, they got political
science degrees and this degree and that, and they can't
get themselves job. Steve. Okay, I mean it's it sounds cute.
You're probably throwing some red meat out there to the
Fox Business audience. But let's take a look here. Okay, physics,

(02:37):
a physics degree seven point eight percent unemployment right, computer
engineering seven point five percent, chemistry six point one percent,
computer science six point one percent. Now you know, I

(03:00):
get it, Steve. I mean, some kids go to school
and they get degrees which quite frankly, are worthless. But
you wouldn't think that these were worthless degrees, would you?
And you take a look at those unemployment rates and
it's seeking through. You take a look at the consumer
confidence numbers University of Michigan, you get a forty eight
year low. And at the same time, same time, you've

(03:22):
got Kevin Hassett, You've got Scott Bessett all over the
news programs over the course of the weekend singing the
Lego song everything is Up, everything is good. When you're
on Trump's team, everything is awesome. That's basically the song
that they keep singing right out of the Lego movie.

(03:44):
For Crying Out Loue. They just change the lyrics a
little bit. I don't know where it's playing, guys. Uh,
but I don't I don't think the public's buying it.
Watch Dog on Wall Street dot com