The projected hollowing out of lower-pay positions will come after decades of polarization of the labor market which saw middle-class jobs in manufacturing and other industries decline, even as employment at the bottom and top of the income scale rose.
Another trend that could be reversed, according to Lund: the increased concentration of jobs in the world’s biggest cities that was seen after the financial crisis.
Covid-19 -- and the rise in remote working it’s brought about -- is prompting some workers and companies to decamp to smaller, less crowded cities. While office vacancy rates have surged in places like San Francisco, they’ve declined in smaller ones like Charlotte, North Carolina, according to the report.
“Covid-19 brought massive disruption to the workforce,” the McKinsey research unit said.
This article was provided by Bloomberg News.