WASHINGTON—Artificial Intelligence (AI) will drive massive disruptions in the American job sector and contribute to much more fraught election cycles as new platforms allow for increased manipulation of voters, Congress has heard. The explosion of popularly available AI tools like ChatGPT will profoundly affect society as early as next year, experts and senators said during…
‘Bomb in a China Shop’: AI to Wipe Out Jobs, Create Election Uncertainties, Congress Hears
Jobs Growth Is Strong Until Recession Begins
May 11, 2023
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Commentary The latest released U.S. nonfarm payrolls continue on the upside to the surprise of the market, with a month-on-month (MoM) increase of 253,000 jobs beating expectations of 180,000 and the previous month’s 165,000. Despite the trend has been declining from 400,000 at the beginning of the year to over 200,000, which is not low…
LinkedIn Slashes Over 700 Jobs, Closes China App Amid ‘Evolving Market’
Employment platform LinkedIn has announced it is slashing hundreds of jobs and phasing out its app in China as part of a “streamlining” process amid declining revenue. Ruiqi Chen, editor at LinkedIn News, announced the move on May 8, noting that the platform plans to reduce roles across its sales, operations, and support teams. LinkedIn will also…
AI Could Replace Writers’ Jobs: Analysis
There are growing worries about artificial intelligence replacing jobs in the entertainment industry. As thousands of screenwriters fear their livelihoods are now on an uncertain path, protests against AI have started. Are their jobs really at risk? …
Ford Sees $1.5 Billion to $2 Billion Restructuring Charges in 2023
Ford Motor Co. expects to take up restructuring charges between $1.5 billion and $2 billion in 2023, it said in a regulatory filing on Wednesday, as part of the U.S. automaker’s move to exit unprofitable locations and cut headcount. The charges will be primarily attributable to “employee separations and supplier settlements,” the automaker said, adding…
Soft Landing or Recession? April Jobs Report Could Offer Preview
The U.S. economy is expected to have added 180,000 new jobs in April, according to consensus estimates. If the forecasts are accurate, this would represent the smallest monthly gain since December 2019. In recent weeks, signals have indicated that the national labor market is beginning to cool off, a moderating trend that would please an…
Gap Cuts 1,800 Corporate Jobs Amid Sales Slump
Apparel retailer Gap announced on Thursday that it will lay off 1,800 employees as it looks to cut costs amid weak sales and excess inventory. The San Francisco-based chain said in a regulatory filing that employees in its San Francisco and New York offices, as well as upper field positions such as regional store managers, will…
Lyft to ‘Significantly’ Cut Jobs in New CEO’s First Major Move
Lyft Inc. CEO David Risher said on Friday the ride-hailing company will “significantly” cut jobs in another round of layoffs to reduce costs, sending its shares up about 4 percent. The company declined to provide details on the number of affected staff, but the Wall Street Journal reported earlier in the day the move could…
Cracks Forming in the US Labor Market as Job Losses Increase in Tech, Building Sectors
Despite a robust March jobs report, market analysts assert that cracks are beginning to form in the labor market, warning that the banking turmoil may be a contributing factor to easing employment growth in the coming months. Mike Fratantoni, the chief economist of the Mortgage Bankers Association (MBA), predicted in a research note that the unemployment…
US Economy Adds 236,000 Jobs as Labor Market Slows in March
The U.S. economy added 236,000 new jobs in March, below the market estimate of 239,000, according to the Bureau of Labor Statistics (BLS). This was also down from the 326,000 new jobs that were created in February. The unemployment rate edged down to 3.5 percent, down from 3.6 percent. This came in below economists’ expectations…
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