Latest news with #job market
Fast Company
a day ago
- Business
- Fast Company
Tech CEOs may point to AI for layoffs, but the reality is complicated
WORK LIFE The last six months of tech layoff emails have often included a nod to AI. Help wanted sign is displayed at a live music and blues club in Chicago, Thursday, July 24, 2025. [Photo: AP Photo/Nam Y. Huh] BY Listen to this Article More info 0:00 / 6:09 If you read the typical 2025 mass layoff notice from a tech industry CEO, you might think that artificial intelligence cost workers their jobs. The reality is more complicated, with companies trying to signal to Wall Street that they're making themselves more efficient as they prepare for broader changes wrought by AI. A new report Wednesday from career website Indeed says tech job postings in July were down 36% from their early 2020 levels, with AI one but not the most obvious factor in stalling a rebound. ChatGPT's debut in late 2022 also corresponded with the end of a pandemic-era hiring binge, making it hard to isolate AI's role in the hiring doldrums that followed. 'We're kind of in this period where the tech job market is weak, but other areas of the job market have also cooled at a similar pace,' said Brendon Bernard, an economist at the Indeed Hiring Lab. 'Tech job postings have actually evolved pretty similarly to the rest of the economy, including relative to job postings where there really isn't that much exposure to AI.' The template for tech CEO layoff notices in 2025 includes an AI pivot That nuance is not always clear from the last six months of tech layoff emails, which often include a nod to AI in addition to expressions of sympathy. When he announced mass layoffs earlier this year, Workday CEO Carl Eschenbach invited employees to consider the bigger picture: 'Companies everywhere are reimagining how work gets done, and the increasing demand for AI has the potential to drive a new era of growth for Workday.' Autodesk CEO Andrew Anagnost explained that a need to shift resources to 'accelerate investments' in AI was one of the reasons the company had to cut 1,350, or about 9%, of workers. The 'Why We're Doing This' section of CrowdStrike CEO George Kurtz's announcement of 5% job cuts said the cybersecurity company needed to double down on AI investments to 'accelerate execution and efficiency.' 'AI flattens our hiring curve, and helps us innovate from idea to product faster,' Kurtz wrote. It's not just U.S. companies. In India, tech giant Tata Consultancy Services recently characterized its 12,000 layoffs, or 2% of its workforce, as part of a shift to a 'Future-Ready organization' that would be realigning its workforce and 'deploying AI at scale for our clients and ourselves.' Even the Japanese parent company of Indeed and Glassdoor has cited an AI shift in its notice of 1,300 layoffs at the job search and workplace review sites. AI spending, not replacement, is a more common factor Microsoft, which is scheduled to release its fourth-quarter earnings Wednesday, has announced layoffs of about 15,000 workers this year even as its profits have soared. Microsoft CEO Satya Nadella told employees last week the layoffs were 'weighing heavily' on him but also positioned them as an opportunity to reimagine the company's mission for an AI era. Promises of a leaner approach have been welcomed on Wall Street, especially from tech giants that are trying to justify huge amounts of capital spending to pay for the data centers, chips and other components required to power AI technology. 'It's this sort of double-edged sword restructuring that I think a lot of tech giants are encountering in this age of AI, where they have to find the right balance between maintaining an appropriate headcount, but also allowing artificial intelligence to come to the forefront,' said Bryan Hayes, a strategist at Zacks Investment Research. Google said last week it would raise its budget for capital expenditures by an additional $10 billion to $85 billion. Microsoft is expected to outline similar guidance soon. The role of AI in job replacement is hard to track One thing is clear to Hayes: Microsoft's job cuts improve its profit margin outlook for the 2026 fiscal year that started in July. But what these broader tech industry layoffs mean for the employment prospects of tech workers can be harder to gauge. 'Will AI replace some of these jobs? Absolutely,' said Hayes. 'But it's also going to create a lot of jobs. Employees that are able to leverage artificial intelligence and help the companies innovate, and create new products and services, are going to be the ones that are in high demand.' He pointed to Meta Platforms, the parent company of Facebook and Instagram, which is on a spree of offering lucrative packages to recruit elite AI scientists from competitors such as OpenAI. The reports published by Indeed on Wednesday show that AI specialists are faring better than standard software engineers, but even those jobs are not where they have been. 'Machine-learning engineers — which is kind of the canonical AI job — those job postings are still noticeably above where they were pre-pandemic, though they've actually come down compared to their 2022 peak,' said Bernard, the Indeed economist. 'They've also been impacted by the cyclical ups and downs of the sector.' Economists are watching for AI's effects on entry-level tech jobs Tech hiring has particularly plunged in AI hubs such as the San Francisco Bay Area, as well as Boston and Seattle, according to Indeed. But in looking more closely at which tech workers were least likely to get hired, Indeed found the deepest impact on entry-level jobs in the tech industry, with those with at least five years of experience faring better. The hiring declines were sharpest in entry-level tech industry jobs that involve marketing, administrative assistance and human resources, which all involve tasks that overlap with the strength of the latest generative AI tools that can help create documents and images. 'The plunge in tech hiring started before the new AI age, but the shifting experience requirements is something that happened a bit more recently,' Bernard said. —Matt O'Brien, AP technology writer
CBC
a day ago
- Business
- CBC
Thousands line up for CNE job fair amid high youth unemployment rates
Growing up, Edson Segawa thought it would be easier to get a summer job. "Looking at movies and stuff, how easy, you just go in and get a job. It's more like they were complaining about having a job, but now it's all I want," he said. Segawa is one of thousands of young people who lined up at the Enercare Centre on Wednesday for a chance to get a seasonal job at the Canadian National Exhibition. The CNE says it has received 54,000 online applications to work at the fair this summer – a record that reflects the current labour market. First-quarter data from Statistics Canada says that, apart from the pandemic, Canadian graduates between the ages of 15 and 24 are facing the highest unemployment rate this country has seen since the mid-1990s. Students, young graduates hit hardest in today's job market Viet Vu, the manager of economic research at Toronto Metropolitan University's Dais, says youth unemployment is up because the job market has cooled over the last several months, due to fewer businesses hiring and the disruptions in trade with the United States. Vu says a lot of young people who are looking for their first job after graduation and students who are looking for summer jobs are hit especially hard in a difficult job market. WATCH | How did the Gen Z job market get so bleak? How did the Gen Z job market get so bleak? 2 months ago Every year, CNE hosts the job fair to recruit people for more than 5,000 positions, including cashiers, retail associates, game attendants, food service staff, midway operators, and informational guides. Mathushanth Premachandran arrived at Enercare Centre at 7:30 a.m., almost four hours before the fair started. This is his second year at the job fair, and he says he was surprised to see the high number of people lined up. "I was here last year, and I was one of the first few people here, so I expected the same thing to happen this year, but there's a longer line than last year," Premachandran said. He says the job fair is a great opportunity for the youth who are struggling to find jobs. "Every place asks for experience, but how are you supposed to get experience if you don't have any yet?" Young people view CNE as 'incredible' job opportunity: CEO Joel Hiruy also arrived hours before the job fair to get a higher chance of being at the front of the line. "It hasn't been that easy to get a job," he said. "I thought it would be really simple, just go in and get hired, but that's not really the case." That feeling is seconded by Marcus Seepersaud, who says he has been to 10 interviews this summer but just can't land a job. "I feel like it's the hardest it has been. Last year it was a little easier," said Seepersaud. WATCH | Why are there no jobs for Gen Z? Recent grads face worst job market since the '90s: Why are there no jobs for Gen Z? Recent grads face worst job market since the '90s 2 months ago The CNE's CEO Mark Holland says the job fair turnout shows "how many young people understand that this is an incredible opportunity as a first job." "There's huge demand and let's be straight, right now, for young people, is a tough environment to look for a first job, but we're here as a big part of that solution," said Holland. He says the CNE is looking for people with a great attitude to fill the open positions. "We're looking for that joy and energy because that's what the CNE is, this is what the fair is. It is a place of joy, so we want people who will bring that spirit."
Yahoo
a day ago
- Business
- Yahoo
CNE receives record number of job applications amid high youth unemployment
TORONTO — Thousands of young people are set to line up for job interviews at the Canadian National Exhibition today amid a high level of youth unemployment in Ontario. The CNE says it has received more than 54,000 online job applications for more than 5,000 seasonal positions at the two-week fair, including cashiers, retail associates, game attendants, food service staff, midway operators and informational guides. It says this is the highest number of job applications it has ever received, calling it a reflection of a job market that's causing high rates of youth unemployment. One expert says the youth unemployment rate is higher this year compared to the same period last year but it's still lower than during the COVID-19 pandemic and the 2008 recession. Viet Vu, the manager of economic research at Toronto Metropolitan University's Dais think thank, says youth unemployment is up because the job market has cooled over the last several months, due to fewer businesses hiring and the disruptions in trade with the United States. The seasonally adjusted unemployment rate for people aged 15 to 24 in Ontario was 15.8 per cent in June. Vu says a lot of young people who are looking for their first job after graduation and students who are looking for summer jobs are hit especially hard in a difficult job market. The CNE says it has already hired people for more than 1,000 positions. This report by The Canadian Press was first published July 30, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Independent Singapore
24-07-2025
- Business
- Independent Singapore
Singaporean man shocked as friend with master's degree only gets S$3.2k–S$3.5k job offers
SINGAPORE: It seems that holding a master's degree no longer guarantees a well-paying job these days, as one Singaporean man recently discovered through his friend's experience. In a post shared on the r/singaporejobs forum on Wednesday (July 23), the man explained that his friend had just returned to Singapore after completing a postgraduate degree overseas. Armed with strong academic credentials and high hopes, his friend had expected to secure 'at least a decent entry-level role' upon coming home. Unfortunately, things didn't work out the way he had imagined. Despite months of sending out applications and attending interviews, his friend is still unemployed. Worse still, the few offers he has received only come with salaries between S$3,200 and S$3,500, which is far below what he had anticipated, given his qualifications. To rub salt in the wound, they have also learned that several of their other friends, who hold only local degrees or diplomas, have managed to secure S$4,000-paying jobs, reportedly 'thanks to their early work experience and family referrals.' Worn down by the job market, the man said that his friend has started to question whether pursuing a Master's degree was truly a worthwhile investment. 'It's making my friend question whether the extra time and money spent on that postgrad was even worth it.' He then asked other locals, 'Is this common these days? Has the degree premium faded, or is it more about luck, timing, and who you know now?' 'Please put down the pride and be humble.' Unlike the man, many were not at all surprised by his friend's experience. Some were quick to point out that in today's job market, fancy certificates alone don't guarantee anything. One individual said, 'Getting a master's is just one entry in his CV. It's not a golden ticket.' Another shared, 'Having a degree just shows that you can study in academic settings. Someone who has a history of proven work experiences and skills is worth more in terms of what value they can bring to the employer.' A third simply said, 'A master's means nothing with no work experience.' A fourth added, 'Your friend is delusional. Please put down the pride and be humble and put effort into preparing for the interviews, including not overblowing the academic qualifications, especially if he has no working experience.' In other news, a working adult in his late 20s recently opened up online about feeling insecure over having less than S$10,000 in savings. Posting on Reddit's 'Ask Singapore' forum on Tuesday (July 22), the man shared that he often feels left behind when his friends or colleagues talk casually about their investments and how much they've managed to save. Compared to them, he admitted, his progress feels painfully slow. Read more: Man in his late 20s feels insecure about having less than S$10k in savings
CBC
22-07-2025
- Business
- CBC
Windsor has the highest unemployment rate in Canada again — and men are the most impacted
Windsor has regained its position as the city with the highest unemployment rate in Canada, and it's disproportionately impacting men. New data from Statistics Canada places Windsor's unemployment rate at a seasonally adjusted three-month moving average of 11.2 per cent. That's up from 10.8 per cent in May and 9.1 per cent in June of 2024. Peterborough, which had previously moved into the No. 1 position, was second with a jobless rate of 10 per cent. The lack of jobs disportionately impacts male workers, whose jobs tend to be more impacted by U.S. trade policy, says Justin Falconer, CEO of Workforce Windsor-Essex. And that trade policy contributes to Windsor's poor job numbers. "Windsor-Essex really is ground zero," he said. "The employed persons numbers declined since February. We've seen unemployed persons increase since February. … The big event in February was, of course, the U.S. president coming into office." The number of unemployed men between 25 and 54 is currently around 10,400 – higher than it was at the peak of the COVID-19 pandemic when it reached 9,700, Falconer said. "In Canada, about 8.8 per cent of working-age persons work in U.S.-dependent industries," he said. "But when you break that down by gender, it's over 12 per cent [of men] working in U.S. dependent industries – 12.5 – whereas 4.7 per cent of women work in U.S. -dependent industries." Unemployment is common in Windsor High unemployment in Windsor isn't a new phenomenon. The city had the highest unemployment rate in the country a year ago when the Biden administration was in office — and Canada was trading freely with the country. But the reasons were different, Falconer said. For the past two years, job growth has simply failed to keep pace with a growing population of people drawn to the city by forecasts of economic prosperity, a desirable climate and proximity to the U.S. Since February, he said, the trend has started to reverse. For the first time in June, Windsor saw growth in unemployment without a corresponding growth in population. And there's a near-record-high number of people looking for work. "The all-time high for unemployed persons, which happened in COVID, was about 35,000 people," Falconer said. "We are on the doorstep of that with about 30,000 people right now." As for those U.S.-dependent jobs, they tend to be good ones, so the loss is felt, Falconer said. "The average wage of a person working in a U.S.-dependent … industry… in 2024 was estimated to be $37.24, which is 6.5 per cent higher than what the national hourly wage rate would have been. So these are good paying jobs." A worker in a U.S. trade-dependent industry is also twice as likely to have a high school diploma or less as their highest level of educational attainment. Falconer said his and other organizations, such as the Chamber of Commerce, are doing what they can to support businesses impacted by the trade policies and are contemplating the best ways to support unemployed workers and help them find work. There were some sectors of the economy where employment rose in Windsor-Essex in June, he said, notably in wholesale and retail trade; finance, insurance and real estate and professional, scientific and technical services. Nationwide, employment grew in June by approximately 83,000 jobs, the first increase since January. Unemployment fell by 0.1 of a percentage point to 6.9 per cent. However, employment was concentrated in part-time work, the statistics agency said. In Ontario, the unemployment rate stood at 7.8 per cent, showing little change from May.
