Entry-level jobs in free-fall after launch of ChatGPT
Entry-level jobs are in free-fall as the rise of AI chatbots such as ChatGPT causes low-paying and graduate roles to disappear.
Recently-released data shows that the number of entry-level roles being advertised has fallen by a third since the launch of OpenAI's chatbot in November 2022.
According to figures from online jobs board Adzuna, there were 214,934 entry-level jobs on offer in May this year, down by 32pc from just three years ago.
This decline is outpacing the number of overall vacancy numbers, which have fallen from 1,091,909 to 858,465, or 21pc, over the same period.
It comes after The Telegraph reported earlier this month that graduate hiring in the City had also dropped off dramatically since the launch of ChatGPT.
This was particularly relevant in the professional services sector, where AI is threatening to automate more mundane tasks carried out by junior accountants and consultants.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
39 minutes ago
- Reuters
Musk's xAI raises $5 billion each in fresh debt and equity, Morgan Stanley says
June 30 (Reuters) - Elon Musk's xAI has completed a $5 billion debt raise alongside a separate $5 billion strategic equity investment, Morgan Stanley (MS.N), opens new tab said on Monday, as the startup looks to expand its AI infrastructure through data centres amid intensifying competition in the industry. The $5 billion raised in debt consists of financing of secured notes and term loans, Morgan Stanley in a statement posted on social media platform X. The deal was oversubscribed and included prominent global debt investors, it added. Reuters earlier reported that xAI was on track to close on a $5 billion debt raise led by Morgan Stanley, despite tepid investor demand. In a separate report, Bloomberg News said that xAI was in talks to raise $4.3 billion through an equity investment on top of its $5 billion debt funding plans. XAI did not immediately respond to a Reuters request for comment outside regular business hours. The proceeds will support xAI's continued development of AI solutions, a data center and its flagship Grok platform, the bank said. Apart from selling debt, xAI has also been in talks to raise about $20 billion in equity, which would value the company at more than $120 billion, with some investors placing valuations as high as $200 billion.
Finextra
an hour ago
- Finextra
Yonder launches debit cards
British credit card rewards startup Yonder has launched its first premium debit cards. 0 The new Mastercard debit cards offer the same perks as Yonder's credit card: points earning, zero foreign exchange fees, curated local rewards and travel-friendly benefits. The Yonder Free Debit earns one point per £1 spent with no monthly fee. The Yonder Full Debit earns four points per £1 spent, gets full access to all Yonder Experiences travel insurance worth £275 for £15 a month or £160 a year. Founded by three Clearscore alumni and launched in 2022 with £20 million in startup funding, Yonder aims to tackle the problems expats with no credit history face when applying for a credit card in the UK. The firm uses open banking data to build a more nuanced, personalised picture of its customers' spending habits and suitability for credit and offers a suite of rewards-based offers to cardholders. The firm says its members have spent more than £170 million, saving over £1.2 million in FX fees & redeeming £1.1 million in rewards. Earlier this year, it secured a minority investment from NatWest, with the high street giant planning to collaborate with Yonder to bring their insights and approaches to customer experience, engagement, and reward to its 19 million-strong customer base.
BBC News
an hour ago
- BBC News
Chris Mason: Labour still has a big persuasion job ahead
"I've not had as much quality time with my colleagues since the Brexit wars," a minister told me with a wry smile.A remark that gets to the heart of this benefits row within the Labour Party: this is a government with a big majority, that has already performed a big U-turn and yet is still involved in a big persuasion is not meant to happen, one year into government, with a working majority of prime minister himself will be getting stuck into some persuading today, making the case that these changes are, as he sees it, not only in keeping with Labour values but essential to ensure the long-term stability of the welfare if Monday's Commons statement from Work and Pensions Secretary Liz Kendall was intended to reassure Labour MPs, it is an open question as to whether it worked."It turned a fair few colleagues off. I think it will get through, but it'll be close," said one MPs press Kendall on rollout of benefit changesWelfare cuts: What are the Pip and universal credit changes?What has been driving the rise in disability benefit claims?Faisal Islam: How much will U-turn on disability benefits cost?There has been plenty of talk of there being 40 to 50 Labour MPs who are opposed, but things remain the size of the working majority, rebels would need to amass around 80 of their colleagues to vote against the government to defeat them, everything else being a key factor could be how many choose to abstain in the vote on Tuesday Prof Philip Cowley of Queen Mary University of London notes that the biggest backbench rebellion Sir Keir Starmer has suffered so far is largest rebellion in Tony Blair's first year in Downing Street was 47 and also on the welfare state - over lone parent largest backbench rebellion for any governing party in 200 years was in 2003, over the Iraq the heart of plenty of the concern over these benefits changes is what is being proposed for the Personal Independence Payment (Pip) at the end of next November 2026, the plan is the eligibility criteria for the main disability benefit will be Labour MPs and ministers had hoped a review of Pip, conducted by Work and Pensions Minister Sir Stephen Timms and involving disabled people, would reassure colleagues the government's intentions were something they could over and over again in the Commons concerns were raised that the timeframe of the review - itself due to report in the autumn of next year - would mean it would be too late to have an influence on the eligibility criteria for Pip beginning that beneath that there is an underlying critique: that the reason the plans for late next year remain in place is because that way it makes it (a bit) easier for Chancellor Rachel Reeves' numbers to add up - and, to use the jargon, for the measures to be "scored" by the Office for Budget Responsibility when it produces its forecasts, which are so central to the government's management of the plenty of Labour MPs this is wrong-headed, topsy turvy and an increasingly hard-to-defend approach to it is also worth emphasising, as it always is when there is a debate dominated by noisy people, that there are quieter Labour MPs, many keeping their heads down right now, who find this whole row gratuitous and fundamentally naive - and, they argue, it is Labour's duty to grapple with a spiralling benefits Sir Keir and Rachel Reeves have long argued that Labour being seen as credible custodians of the economy is the building block upon which everything else is Chief Whip, Sir Alan Campbell, in charge of winning the vote for the prime minister, has issued a plea for unity - something that only happens when there isn't a surplus of it - and told Labour MPs they should "act as a team". The party, he said, would have to come back together after this difficult vote for will debate the plans all over again later, and the vote is expected early this even if the government does win, that won't be the end of the arguments and votes are expected in the next few weeks.
