Even as President Joe Biden runs around the country claiming that Bidenomics is “working” for America, 38 percent of U.S. companies are warning that they are looking to launch mass layoffs this year.
Let us know when it starts…
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So now Bidenomics is supposed to stop AI? Obviously some people just don’t understand how Capitalism works. We used to understand it but then you have to go back to the buggy and whip days when Henry Ford was teaching everyone how it worked.
Andy
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Andy, are you saying that AI is the primary reason for the 38% number? Seems a bit high just to primarily attribute to AI for 2024 layoffs
Please explain your thinking.
Cheers!
Murph
(who notes AI effects were listed fourth in the article linked)
Sure Murph, while I also suspect a lot of people are retiring I do see more layoffs in the High Tech world also.
** According to a recent report of 750 business leaders using AI from ResumeBuilder, 37% say the technology replaced workers in 2023. Meanwhile, 44% report that there will be layoffs in 2024 resulting from AI efficiency.**
While there are people that will argue the point, and that is fine Murph, I do think we are in the early stages of layoffs from AI. That isn’t to say they won’t find a way for more jobs but at the beginning we will see more layoffs.
We all have heard of the layoffs from Google , Meta, but there were many more.
Andy
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Thanks for the info Andy!
I suppose time will tell as the size and speed of the AI-driven layoffs.
Cheers!
Murph
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Your welcome Murph. I agree and I am positive we will find a way to add more, but different jobs on the other side. We will just have to wait and see how that works. Hopefully people will have better jobs that AI will enhance.
Andy
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@Divitias That is one of the dumbest sources I have seen ever used in a post here on the Fool. You do know perhaps that certain monied sources put political/economic information in the pews at churches in the US. That is exactly the type of crap they put in the church pews. Totally worthless lies.
Sheesh!
Let’s get straight to the point: tech jobs will continue to be in high demand in 2024 and beyond.
In the wake of widespread layoffs among big tech companies, a cloud of skepticism enveloped the tech industry, raising concerns about job security and growth prospects. This narrative was fueled by news reports and social media, painting a picture of an industry in decline.
We’re here to set the record straight—no, the tech industry is not out of jobs. In fact, the job market is in a growth state. Despite mass layoffs following the upheaval of business-as-usual caused by a years-long pandemic and an unstable economy, tech jobs are still some of the most in-demand jobs available . The Bureau of Labor Statistics estimates that between 2021 and 2031 jobs for software developers will grow by 25% and data scientists by 35%, both far outpacing the average 5% growth rate.
In your link this was the main source Forbes…a dead link.
adding honest with you, I do not know what a 413 error is. Might not be a dead link. Won’t come up for me.
OK, this is the funniest quote from your ‘source’:
Major U.S. companies began signaling late last year that they were pumping the brakes on their expectations for 2024 and are also looking to shed thousands of workers as [Bidenomics] (https://www.westernjournal.com/numbers-dont-lie-trump-sets-biden-straight-admin-best-economy/) continue to batter them.
I left the embedded link in there for masochists, who may want to read how Trump claims that the Biden economy (3 years later) is running on the “fumes’ that Mr. T left behind. (This alone should explain something about your reading material.)
Meanwhile corporate profits, in aggregate, are 50% higher than in 2016 (or 2017, 2018, etc.). The stock market is near all time highs. Unemployment is reaching figures not seen in half a century. Inflation, caused by the pandemic, is now comfortably under 3%, companies are, again in aggregate, expanding, and wages are rising.
Trouble spots are, not necessarily in this order, China’s economy, Europe’s economy, and vacant office buildings, as result of the WFH phenomenon of the plague and workers asserting themselves in the (unusual) case of employee shortages. (Worst place for empty office buildings? That paradise for corporations: Texas. Texas Cities Are Booming, but Their Offices Are the Most Vacant - WSJ)
Yeah, it’s some disaster we’re living through. I hope we can make it out the other side.
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Bedtime for Bonzo created such a career. Fiction writing at its best. Who would have ever been so creative?
Proposed “mass layoffs” touted by extremely biased news sources, left or right, should be taken with a massive grain of salt. Or two.
Aren’t we supposed to be in a major recession right now?
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Reality? We have a massive labor shortage.
Mexico where a lot of our corporate factories are being built for lower value-added goods has a bigger labor shortage.
The layoffs are in China. Xi is considered a genius for iron willed control over 1.4 billion people according to Trump. Some religion.
We sure are. It’s just that pesky 5% growth in the 3rd quarter that’s standing in the way.
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Mom began to question what was going on as a girl when she went into a general store and saw original splinters of the cross in matchboxes stacked from the floor to the ceiling on sale.
Hyperinflation, too.
It worked fine for me, and it looks like you found the Forbes article.
DB2
413 error has something to do with the file size and my server.
It does not matter the sources are just going against the flow of reality. It is an election year.
Cathie has told me she expects deflation.
Cathie’s eyes are too close together.
I presume that minority, is not the mob of “JCs” that constantly cry “no-one wanna work” because they are perpetually short of staff?
Steve