What’s with these massive layoffs?

MoxMonkey

Semi-Pro
A $400,000 dollar house a few years ago had the same P&I payment as a $280,000 dollar house does today.

It's fixin to get messy in the next two years.
 

Rafa4LifeEver

G.O.A.T.
A $400,000 dollar house a few years ago had the same P&I payment as a $280,000 dollar house does today.

It's fixin to get messy in the next two years.
The housing situation is even worse here in England, trust me.
I really feel thankful to God that I was able to purchase one way earlier in life or else it would have been extremely tough to do so in current situation
 

movdqa

Talk Tennis Guru
Tech companies hired a lot during the pandemic and have excess employees now.

No, we're not in a recession. We may go into one but it's hard to determine when.
 

movdqa

Talk Tennis Guru
AI will cause more job losses in the coming years, no?

AI has been around for at least 40 years. I wrote my first commercial AI system back around 1984. I think that the motivation is to reduce costs but it also enables new things to be done that were never done before that can also create new jobs. The question is: what is the net? And we don't know what that is. If your career is threatened by new technology, then you have to find something else to do or move to a higher value-added position.

YouTube has probably resulted in a lot of job losses. I fix things that I formerly would have called a contractor, professional or shop for because I can get the directions, and advice, on how to fix things in videos now. We have shortages of plumbers, carpenters, roofers, etc. in my area so I don't know that there has been a loss of jobs but maybe the people doing things that we can do ourselves now, have moved higher up on the value-chain.
 

Sentinel

Bionic Poster
AI has been around for at least 40 years. I wrote my first commercial AI system back around 1984. I think that the motivation is to reduce costs but it also enables new things to be done that were never done before that can also create new jobs. The question is: what is the net? And we don't know what that is. If your career is threatened by new technology, then you have to find something else to do or move to a higher value-added position.

YouTube has probably resulted in a lot of job losses. I fix things that I formerly would have called a contractor, professional or shop for because I can get the directions, and advice, on how to fix things in videos now. We have shortages of plumbers, carpenters, roofers, etc. in my area so I don't know that there has been a loss of jobs but maybe the people doing things that we can do ourselves now, have moved higher up on the value-chain.
This time the job losses could be large, it won't be easy for the replaced people to all reskill or upskill.
 

movdqa

Talk Tennis Guru
This time the job losses could be large, it won't be easy for the replaced people to all reskill or upskill.

It never is. And it gets harder as you get older. The stats on IT workers is pretty hopeful as they have been generally finding new jobs quickly, but not all of them.

This has been an ongoing process for at least 40 years as IT has removed knowledge workers by automation. Businesses used to have armies of HR people and secretaries and that's turned into self-service using automated systems so you can replace 100 employees with 1. And it keeps going in that direction. But, at least in the US, there's still a current labor shortage. Some of this is also due to adults having fewer kids. Demographic trends in developed countries means smaller workforces. China is in deep trouble in this area.
 

Azure

G.O.A.T.
AI has been around for at least 40 years. I wrote my first commercial AI system back around 1984. I think that the motivation is to reduce costs but it also enables new things to be done that were never done before that can also create new jobs. The question is: what is the net? And we don't know what that is. If your career is threatened by new technology, then you have to find something else to do or move to a higher value-added position.

YouTube has probably resulted in a lot of job losses. I fix things that I formerly would have called a contractor, professional or shop for because I can get the directions, and advice, on how to fix things in videos now. We have shortages of plumbers, carpenters, roofers, etc. in my area so I don't know that there has been a loss of jobs but maybe the people doing things that we can do ourselves now, have moved higher up on the value-chain.
Yes, there will be new fields. Cybersecurity for example is going to balloon in requirements and specializations as and how AI is able to mimic human actions. There is a lot of interest in ethical AI now, not to mention all the specialized fields with specific domain knowledge that are growing these days.
 
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