"Although we are not in an overall recession yet, the demand for and wages of lower-income groups are outpacing higher-income groups."
But there still aren't enough workers to fill open positions in the service industry and the unemployment rate remains near a 50-year low at just 3.5%.
What a 'richcession' means for consumers"Recession is a loaded term," said Jacob Channel, senior economist at LendingTree.
"White-collar jobs might not be as plentiful as they were last year, but they're still around."
"On the contrary, most current data indicates that despite numerous headwinds, the broader economy is doing remarkably well, all things considered," he added.
Persons:
Tomas Philipson, Jacob Channel
Organizations:
University of Chicago, White House Council, Economic Advisers, Digitalvision, Challenger