AI now among top five reasons for job cuts in US
The US job market saw only 73,000 new jobs added in July, significantly below forecasts, with over 806,000 private sector job cuts announced through July, the highest number for that period since 2020.
The technology sector has been hit hardest, with more than 89,000 job cuts, and over 27,000 cuts since 2023 directly attributed to AI.
Beyond AI, job losses are also linked to cuts from the Department of Government Efficiency and rising costs in the retail sector, which has seen an almost 250 per cent increase in layoffs.
Experts suggest AI's impact is often indirect, with companies investing in AI software instead of hiring new staff amid economic uncertainty.
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