It might have more to do with the economy than you think; many of the available jobs in my area are not the type that require suits/ties. Those jobs (often related to the financial sector) are the ones leaving for Manila & Mumbai.
40 years ago, if you wanted to buy insurance or stocks, you talked to a guy in a suit who made a very good middle- or upper-middle income selling you products or services that lined his pockets but weren’t a good deal for you. If those are the kind of jobs that are gone, good riddance.