This report sort of blew me away. When I think of unemployment I usually see it as an across the board phenomenon. I’m not sure why I would see it that way since housing markets don’t behave that way.
As WSJ sums up the report results:
According to a study from Northeastern University’s Center for Labor Studies, unemployment for those in the top income decile–individuals earning more than $150,000 a year–was 3% in the fourth quarter of 2009. That compares with unemployment of 31% for the bottom 10% of income, and unemployment of 9% for the middle decile.
The differing rates of underemployment–including those working part-time for economic reasons–are also notable. Underemployment for the top 10% was 1.6%, while the bottom was 21%.