Amazon to cut about 14,000 corporate jobs in AI push, and the implications of this action are starting to become clear. It seems like the situation is unfolding, and the initial headlines focusing on AI may not tell the whole story. While the term “AI” is being used, there’s a strong sentiment that this isn’t solely about technological advancements. It might be a combination of factors, including the need to adjust for over-hiring during the pandemic and a general push for cost-cutting.
The initial reports of 30,000 job cuts have been revised, but the fact remains that a significant number of corporate positions are being eliminated.… Continue reading
The US economy added 911,000 fewer jobs than previously reported. That’s a staggering revision, the largest ever recorded. It’s hard not to react to that with a sense of disbelief. It’s a number that immediately raises eyebrows, and understandably so. The scale of the adjustment demands attention, prompting questions about the accuracy and the motivations behind it.
This revised figure, coming after significant adjustments to economic data, sparks a wave of concern. The immediate instinct is to scrutinize the source and the timing. The timing of these revisions, especially when they coincide with political shifts, adds to the atmosphere of suspicion.… Continue reading
The Federal Reserve Chair, Powell, expressed concerns about rising downside risks to employment, warning of potential layoffs and increased unemployment. This concern stems from the July jobs report, which revealed a significant slowdown in job growth, with the three-month average reaching its lowest point since 2010 (excluding the pandemic). The report’s revisions indicated a broader market job loss, despite gains in specific sectors. Powell noted that the slowdown was larger than previously assessed, emphasizing the importance of avoiding slack in the labor market.
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To prepare for the new school year or simply refresh one’s wardrobe, Levi’s is offering a selection of iconic denim staples. The brand is featuring seasonal essentials on sale through Labor Day, with savings of up to 30 percent on key items. Among the featured items are the Baggy Dad jeans, which offer a relaxed fit, and the classic 501® Originals, introduced over 150 years ago. Moreover, the original Trucker Jacket, a timeless piece since 1967, and the ’90s Trucker Jacket are also available.
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Unemployment figures have recently surged, with nearly two million Americans continuously receiving unemployment benefits, the highest since late 2021. New unemployment claims also saw an increase, slightly surpassing economists’ predictions, following a disappointing July jobs report that added only 73,000 jobs. This report spurred former President Trump to fire the head of the Bureau of Labor Statistics, blaming her for the dismal hiring numbers and potential manipulation of data. Economists, however, suggest the situation could be linked to broader economic factors like slower hiring rates and the impact of global tariffs.
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Recruit Holdings, the parent company of Indeed and Glassdoor, is cutting approximately 1,300 jobs, representing about 6% of its workforce, as it shifts towards artificial intelligence. The layoffs will primarily affect research and development, as well as “people & sustainability” teams, while also impacting other areas and regions. This strategic move will see Glassdoor operations integrated into Indeed, and is driven by a desire to simplify hiring using AI to reduce manual labor costs. The company aims to increase AI’s role in its programming code, and expects it to handle half of its code soon.
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Biden, in Rare Remarks Since Presidency, Warns His Accomplishments Are Coming Undone. It seems the air is thick with a shared sense of frustration, doesn’t it? The core concern swirling around is the rapid erosion of Biden’s accomplishments, the fear that everything he worked for is unraveling. The perception is that key decisions, or rather, the lack thereof, have paved the way for a reversal of progress, a dismantling of his legacy.
The crux of the criticism revolves around what many see as a missed opportunity to decisively address the actions of the previous administration. There’s a strong feeling that a more assertive stance, a willingness to hold individuals accountable, was needed to prevent the current situation.… Continue reading
Since the launch of ChatGPT in November 2022, the number of new entry-level UK jobs has decreased by nearly a third, with roles for graduates, apprentices, and junior positions experiencing a significant drop. This decline coincides with businesses increasingly adopting AI to enhance efficiency and reduce staff numbers. Experts warn of the potential for AI to eliminate entry-level jobs, while also acknowledging the possibility of AI-driven creation of new roles. The technology secretary urges workers and businesses to embrace AI to avoid being left behind in a rapidly evolving job market.
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Recent college graduates are facing a challenging job market, with the unemployment rate for degree holders aged 22 to 27 reaching its highest level in over a decade, excluding the pandemic. Economists suggest that this is due to economic uncertainty, specifically stemming from the Trump administration’s tariff increases. Additionally, the rise of artificial intelligence is speculated to be impacting entry-level white-collar positions, while higher interest rates from the Federal Reserve have also slowed hiring in tech. Despite these difficulties, most economists maintain that holding a college degree still offers lifetime benefits, although the value of a degree has diminished.
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Unemployment benefit claims increased to an eight-month high of 247,000 last week, exceeding analysts’ predictions and raising concerns about the economy’s future. This rise, though still historically low, follows a trend of decreased consumer and business confidence, potentially linked to ongoing tariff uncertainty. The job market shows signs of cooling, with fewer job openings and a decrease in employee resignations, suggesting a slowdown in the previously robust hiring environment. Analysts anticipate modest job growth in May’s official employment report, further indicating a potential economic shift.
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Matt Underwood 
John Q. Hosedrinker