“This is definitely happening because AI technology is just so good and definitely, definitely not because a long series of catastrophically stupid decisions by oligarchs and their elected lackeys has led to massive dysfunctions in the global economy, so all you little people out there definitely want to keep investing! Now excuse me while I go make a completely regular and non-urgent call to my broker…”
Yeah, the article only compares “all occupations” and their flagged “AI sensitive - healthcare” which is a terrible comparison. Anyone paying attention to the job market knows that Healthcare has been basically carrying the job market recently. A fair comparison would exclude Healthcare on both sides. I suspect without Healthcare in the “all occupations” we’d see low to negative growth too.
Basically, the job market has been stagnant and/or shrinking in everything except Healthcare. When everyone is tightening their belt, sales/secrataries/assistant roles will probably feel it first.
Haven’t read it yet, but I’ll share my instant reaction to the headline.
“Oh, now that it is hitting the management, finance, and business jobs, you notice it? The people who kept you all in business (I.T., software engineering, etc.) Who’ve been fired constantly for four fucking years don’t count, do they?”
This really needs to be in “leopards ate my face”
Any IT outfit not run by fucking idiots hasn’t replaced competent staff with AI.
Lot of fucking idiots out there though…
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How apropos.
That was what the AI lovers promised. Use AI to hire fewer people. This is not surprising, except in that maybe it’s unexpected the companies using AI didn’t fail yet.
It’s literally their only pathway to even breaking even on the >$1 trillion capex. The only way any of these valuations make sense is if it lets them fire a huge chunk of workers
And there will be massive hiring drives in a year or so, at lower wages to replace them after the bubble bursts. It’s disaster economics 101.
