 | FRI, MAY 05, 2023 | | | |
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| | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | |
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Welcome to the CNBC Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. Despite the recent bank turmoil, most recent Fed rate hike and a slowing economy, the labor market continues to show strength. The US economy added 253,000 jobs in April topping the 180,000 Dow Jones estimate. The unemployment rate also fell to 3.4%, tied for the lowest level since 1969. Professional and business services added the most jobs with 43,000, followed by 40,000 in health care and 31,000 in leisure and hospitality. But is this the peak for employment? Earlier this week, IBM announced it will pause hiring in 7,800 jobs that will be replaced by Artificial Intelligence (AI) in the coming years. Although many tech companies are laying off workers due to economic conditions, this is one of the first major companies openly moving towards replacing employees with AI. In the World Economic Forum's latest 'Future of Jobs' report, a predicted 23% of jobs will be disrupted in the next five years. While there are many factors, technological advancements will be a big driver of these changes. Some of the jobs most likely to be impacted are administrative roles, traditional security, factory and commerce. As a result of these changes, businesses are going to have to upskill and educate workers about using AI and other new technologies. Although job concerns are valid, it is important to remember that this is not the first time the workforce has seen a major shift because of technology. Not that long ago, computers completely changed how people work and now it's hard to fathom working without them. For more on the world of work, check out our Key Stories roundup below. Until next time, stay safe, stay healthy and stay in touch. |
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| The job market is still hot but is clearly slowing from the scorching levels seen during much of the past two years, according to labor experts. Job openings and voluntary worker departures or, quits, declined in March, while the layoff rate increased, according to data issued Tuesday by the U.S. Bureau of Labor Statistics. "Two words: unambiguous cooldown," Nick Bunker, director of North American economic research at job site Indeed, said of the data in the Job Openings and Labor Turnover Survey. |
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| Hiring at private companies unexpectedly swelled in April, countering expectations for a cooling job market ahead, payroll processing firm ADP reported Wednesday. Private payrolls rose by 296,000 for the month, above the downwardly revised 142,000 the previous month and well ahead of the Dow Jones estimate for 133,000. The gain was the highest monthly increase since July 2022. |
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| | The graduating class of 2023′s desire for stability in an uncertain economy is dictating where they want to work most after college. It's hard to escape unrelenting news of tech layoffs in recent months, including major staff cuts from Meta, Google, Amazon, Microsoft and many others. As a result, zero Big Tech companies are among the trending employers Gen Z college grads are most interested in working for this year, according to the latest report from Handshake, the college and new-grad career site, which analyzed search traffic on the platform in the last year and surveyed 954 students from the class of 2023. |
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CNBC Equity & Opportunity: Exec Connect | New Orleans | June 28 CNBC Equity & Opportunity: Exec Connect, built in partnership with ELC, connects the leaders of today and tomorrow for an evening of networking to spark conversation around building a brighter future for the next generation of Black executives. Attendees will hear from business leaders and experts on existing opportunities across the business landscape, explore advancement opportunities, and discuss initial findings from "CNBC Black Business Leadership Survey," which will launch aligned with the event. Learn more about this event happening in New Orleans, LA on June 28. Learn more and apply to attend here. |
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