New York Fed study says AI not main driver of US hiring slowdown, layoffs tied to high interest rates and post pandemic overhiring
https://finance.yahoo.com/economy/article/executives-are-blaming-layoffs-on-ai-but-research-shows-ai-is-not-the-main-driver-of-us-labor-slowdown-114708955.html
Posted by callsonreddit
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Article:
The AI narrative is similarly messy when looking at official government data: Hiring rates began to head lower in early 2022, but picked up in March to reach their best level in two years. And while layoff rates have ticked up more recently, all while tech companies cite AI as a rationale for job cuts, they remain relatively low and have been hovering between 0.9% and 1.2% since 2021.
It’s almost like the big corpos were using AI as an excuse for layoffs, to spin the narrative from bad to good.
When this bubble pops, it’s going to be SO bad.
During the dot com boom company’s where charged millions for simple html sites… and they paid. Here American companies are buying the hope that the future won’t have ppl and what’s for sale is investment in compute or training data. Chips cost as much as a car, tokens cost more than human salaries… funny how we do this to ourselves.