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AI put thousands out of work in May in the US

Artificial intelligence has begun to take away jobs at a rapid pace
(photo: CC0 Public Domain)

The development of artificial intelligence systems will radically change the labor market, and although a number of professions may literally lose their relevance in the foreseeable future, they will be replaced by more suitable ones for the new situation, technology industry analysts predict. But at the same time, data from May suggests that AI has already caused about 3,900 job cuts in the United States.

Planned layoffs in the U.S. labor market in May affected 417,500 people, and for the first time artificial intelligence appeared as a reason in the statistics, Bloomberg noted, citing a recent labor market report compiled by consulting firm Challenger, Gray & Christmas.

The implementation of artificial intelligence by American companies led to the dismissal of 3,900 people in May alone.

According to Newedge Wealth and Goldman Sachs analysts, the market capacity of generative AI services will reach $1.3 trillion in the foreseeable future, and by 2035, their expansion will result in 300 million job cuts, even though productivity of labor will increase significantly.

Interestingly, ten years ago, in May 2013, the most common reasons for planned layoffs included restructuring, business closures, and cost cutting. They are still in the top five.

But the worsening economic situation in the last month has become the undisputed favorite of the ranking. A total of 206,283 jobs have been cut in the US under this pretext since the beginning of this year.

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