The tech utopia of endless leisure time is here: goodbye jobs

'AI eliminated nearly 4,000 jobs in May' so it's reported by hallenger, Gray & Christmas, Inc.

Following on from reports by IBM et al that thousands of job cuts will occur due to AI replacement, there is no need to wait for the utopia of AI allowing humans more leisure time, as that's already here, in the form of redundancies, if we are to accept the reports findings.

'With the exception of Education, Government, Industrial Manufacturing, and Utilities, every industry has seen an increase in layoffs this year.'

What's particularly notable is that it's the Tech sector that's the most affected from job cuts in the US economy:

'The Technology sector announced the most cuts in May with 22,887, for a total of 136,831 this year, up 2,939% from the 4,503 cuts announced in the same period last year. The Tech sector has now announced the most cuts for the sector since 2001, when 168,395 cuts were announced for the entire year. '

Another reason why AI applications are being so hyped? If employers see the 'benefits' of replacing entry level coding jobs with AI, (it's about short term profits rather than long term sustainability after all) is it any wonder that they want to upsell such benefits?

Report Summary: Artificial intelligence (AI) is becoming increasingly sophisticated, and its ability to perform advanced tasks is leading to job losses in some sectors. According to a report from Challenger, Gray & Christmas, AI was responsible for nearly 4,000 job losses in May 2023. This represents a 5% increase from the previous month and a four-fold increase from the same month in 2022.

Analysis: The rise of AI is having a significant impact on the job market. In some sectors, such as manufacturing technology and customer service, AI is already replacing human workers. As AI continues to develop, it is likely that more jobs will be lost to automation.

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