Excess Returns · Tuesday, July 14, 2026
Eric Pachman observes a significant shift in the job market, where positions with salaries around $100,000 are being eliminated. These are being replaced by roles such as nursing, indicating a change in the types of jobs available and potentially impacting average wages.
“So the jobs that are going away are the $100,000 salary jobs. And we're hiring people to work as nurses, right?”
“So the average wage is not going up. It's going up, but it's not going up at the same pace as inflation is rising. So we're seeing a disconnect there.”
“So we're still seeing that in the number of people that are hired, but the types of jobs are changing. The skills are changing.”