An analysis of the September employment report from the U.S. Department of Labor’s Bureau of Labor Statistics indicates that white-collar workers are suffering the most from the Federal Reserve’s recent interest rate hikes, CNN Business reported. 

While total nonfarm payroll employment increased by 263,000 in September, lowering the unemployment rate from 3.7 to 3.5 percent, not all job markets are sharing in this increase.  

Julia Pollak, chief economist at ZipRecruiter, told CNN Business, “I think we’re starting to see the economy turn into a tale of two job markets.” She explained that several industries that suffered during the pandemic—such as health care, food services and the arts—are now experiencing a resurgence in employment. But she noted that job sectors that are more sensitive to interest rates—including finance, residential construction and car dealerships—are facing employment declines. 

The Federal Reserve raised the interest rate by three-quarters of a percentage point on Sept. 21, as part of its continuing effort to curb inflation CNBC reported. 

CNN reported that the financial industry lost 8,000 jobs between August and September. It noted that big banks tend to make offers to recent graduates in the early fall months, concluding that this customary practice makes this September’s drop particularly significant. 

CNN added that business support services—such as accounting, telemarketing,  and administrative and clerical jobs—lost 12,000 jobs in September. In addition, legal services lost 5,000 jobs, and advertising services also dropped 5,000 jobs.  

The Federal Reserve will meet again on Nov. 1-2. Several economists expect it to raise its the interest rate by three-quarters of a percentage point again—for an unprecedented fourth time in a row, according to CNN.