New Jobs Numbers Paint Grim Picture of Labor Market and AI's Impact
Recent job numbers have revealed a grim picture of the labor market, with over 150,000 layoffs in October - the worst October for layoffs in over two decades. About half of those layoffs can be attributed to AI, raising concerns about the technology's impact on jobs.
While some experts warn that AI could eliminate half of entry-level white-collar jobs, a team of researchers from Yale and Brookings argues that the broader labor market isn't being disrupted more by AI than it was by the internet or PCs. The argument is that sector-specific factors are at play, rather than AI alone.
However, others predict that AI will transform the job landscape, with Anthropic CEO Dario Amodei stating that AI could eliminate up to 50% of entry-level white-collar jobs. This raises questions about the role of AI in the future of work and how it will impact various industries.
To shed some light on this issue, I spoke with Neil Thompson, principal research scientist at MIT's Computer Science and Artificial Intelligence Lab (CSAIL). According to Thompson, we're witnessing two phenomena simultaneously: one where AI is becoming more prevalent in the economy, taking over certain jobs like customer service; and another where companies are cutting jobs ahead of time to push their businesses towards automation.
Thompson suggests that there's a dissonance between those who say AI will take away half our jobs and those who argue it isn't the reason for job losses. He attributes this to a lack of understanding about what AI can do, with many people fearing automation of basic tasks but failing to grasp its potential for more complex work.
Historically, when new technologies have emerged, humans have moved to doing new tasks, creating new jobs that didn't exist before. However, the speed and scope of AI's impact make it challenging to adjust to a compressed period of transition, potentially leading to difficulties in the economy.
Thompson notes that we've gone through major technological transformations before this one, but we don't know how long it will take or what new tasks will emerge on the other side. While there's anxiety about AI's impact on jobs, he suggests taking comfort from historical lessons and adapting to the changes ahead.
As companies like Google and OpenAI push forward with AI development, valuations become a concern, as the technology has the potential to revolutionize industries but also raise concerns about job displacement.
Ultimately, while AI poses challenges for workers, Thompson emphasizes that there will be new jobs created by the technology, and humans have historically adjusted well to changes in the workforce.
Recent job numbers have revealed a grim picture of the labor market, with over 150,000 layoffs in October - the worst October for layoffs in over two decades. About half of those layoffs can be attributed to AI, raising concerns about the technology's impact on jobs.
While some experts warn that AI could eliminate half of entry-level white-collar jobs, a team of researchers from Yale and Brookings argues that the broader labor market isn't being disrupted more by AI than it was by the internet or PCs. The argument is that sector-specific factors are at play, rather than AI alone.
However, others predict that AI will transform the job landscape, with Anthropic CEO Dario Amodei stating that AI could eliminate up to 50% of entry-level white-collar jobs. This raises questions about the role of AI in the future of work and how it will impact various industries.
To shed some light on this issue, I spoke with Neil Thompson, principal research scientist at MIT's Computer Science and Artificial Intelligence Lab (CSAIL). According to Thompson, we're witnessing two phenomena simultaneously: one where AI is becoming more prevalent in the economy, taking over certain jobs like customer service; and another where companies are cutting jobs ahead of time to push their businesses towards automation.
Thompson suggests that there's a dissonance between those who say AI will take away half our jobs and those who argue it isn't the reason for job losses. He attributes this to a lack of understanding about what AI can do, with many people fearing automation of basic tasks but failing to grasp its potential for more complex work.
Historically, when new technologies have emerged, humans have moved to doing new tasks, creating new jobs that didn't exist before. However, the speed and scope of AI's impact make it challenging to adjust to a compressed period of transition, potentially leading to difficulties in the economy.
Thompson notes that we've gone through major technological transformations before this one, but we don't know how long it will take or what new tasks will emerge on the other side. While there's anxiety about AI's impact on jobs, he suggests taking comfort from historical lessons and adapting to the changes ahead.
As companies like Google and OpenAI push forward with AI development, valuations become a concern, as the technology has the potential to revolutionize industries but also raise concerns about job displacement.
Ultimately, while AI poses challenges for workers, Thompson emphasizes that there will be new jobs created by the technology, and humans have historically adjusted well to changes in the workforce.
. At first, it's super convenient, but then you're left with nothing to wear 
. Seriously though, 150k layoffs is crazy, and it's not just about AI taking over jobs, it's also about companies trying to cut costs ahead of time 
. But what really gets me is how slow humans are to adapt to change 
. We should be thinking ahead, like those researchers from Yale and Brookings who said sector-specific factors matter 
. Can't we just imagine a future where AI creates new jobs, but for now, it's all about the anxiety 
.
150k layoffs in one month? That's crazy talk! I think it's all about how companies are adapting to AI faster than the workers can adjust. Like, some people might lose their customer service jobs, but then new jobs pop up for data analysis or something. It's just a matter of time and space.
150k layoffs in one month is crazy talk. I'm not sure if we're gonna lose half our jobs or just a bunch of entry-level ones tho 
. Companies are cutting jobs before they even get automated, it's like they're trying to avoid the AI robot uprising 
. Maybe we should focus on developing skills that can't be taken away by a computer 
. Valuations are crazy high right now, I'm worried about the future of jobs and what it'll look like when AI is all up in our business 
but AI is a different beast cuz its so advanced now 
It's not just AI that's causing all these layoffs, sector-specific stuff is playing a huge role too. I mean, companies are cutting jobs ahead of time to push their businesses into automation, that's some crazy business strategy! 
anyway, back to ai... i think it's kinda cool that companies are trying to figure out how to use it for good? like, if they can create jobs that we don't even know exist yet... that would be amazing 
but i'm not sure if that's realistic? what if the skills we learn in school aren't transferable to new jobs? 
. It sounds like we're being forced into this transition without any real preparation or support for workers.
. We can't just sit back and wait for the future to unfold - we need to be proactively working towards it 
50% of entry-level white-collar jobs could get eliminated by AI? That's mind-blowing 
. It'll be interesting to see how companies adapt and new industries emerge 
so maybe we should be looking at it as more of an opportunity than a threat?
New jobs were created in fields we never saw coming like cybersecurity and data science 
. Like we know it's gonna affect some roles but let's not forget that the internet and PCs did too 
.
. But one ting for sure: humans have always found a way to make tech work for us 
. But honestly, I think experts are just trying to spin the narrative. We've had computers & internet before and we adapted... right? 
. Companies just gonna keep pushing their businesses towards automation and expect us to just magically adapt? Come on...