Economic News

[HintonJamesHeel]

Check out this story from USA TODAY: 'You become very numb.' High long-term unemployment a sign of distress

As hiring has slowed amid tariffs and economic uncertainty, long-term unemployment has climbed to a more than 2-year high.

Long-term unemployment hits 2-year high as hiring slows amid economic uncertainty

As hiring has slowed amid tariffs and economic uncertainty, long-term unemployment has climbed to a more than 2-year high.

www.usatoday.com

Recurring US Jobless Claims Jump to Highest Since November 2021 Recurring US Jobless Claims Jump to Highest Since November 2021

I wonder how much is tied to the AI investments. My company is doing the modernization thing and pouring hundreds of millions into these things and headcount is being very much impacted.

 

[mpaer]

I wonder how much is tied to the AI investments. My company is doing the modernization thing and pouring hundreds of millions into these things and headcount is being very much impacted.

I bet there is something to that.

 

[BillOfRights]

I wonder how much is tied to the AI investments. My company is doing the modernization thing and pouring hundreds of millions into these things and headcount is being very much impacted.

I'm sure that affects the number of people losing their jobs, which can cause less demand for gas. Increasing corporate efficiency is great for profits, but can have negative effects for the economy and families.

 

[nycfan]

Unemployment among young college graduates outpaces overall US joblessness rate​

Unemployment among young college graduates outpaces overall US joblessness rate

Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade.

apnews.com

“… Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is now higher than the overall unemployment rate, and the gap is larger than it has been in more than three decades.

The rise in unemployment has worried many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administration’s tariff increases, which could slow growth.

…
“Young people are bearing the brunt of a lot of economic uncertainty,” Brad Hersbein, senior economist at the Upjohn Institute, a labor-focused think tank, said. “The people that you often are most hesitant in hiring when economic conditions are uncertain are entry-level positions.”

The growth of artificial intelligence may be playing an additional role by eating away at positions for beginners in white-collar professions such as information technology, finance, and law….”

 

[HintonJamesHeel]

Unemployment among young college graduates outpaces overall US joblessness rate​

Unemployment among young college graduates outpaces overall US joblessness rate

Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade.

apnews.com

“… Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is now higher than the overall unemployment rate, and the gap is larger than it has been in more than three decades.

The rise in unemployment has worried many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administration’s tariff increases, which could slow growth.

…
“Young people are bearing the brunt of a lot of economic uncertainty,” Brad Hersbein, senior economist at the Upjohn Institute, a labor-focused think tank, said. “The people that you often are most hesitant in hiring when economic conditions are uncertain are entry-level positions.”

The growth of artificial intelligence may be playing an additional role by eating away at positions for beginners in white-collar professions such as information technology, finance, and law….”

This is all AI. The modernization we are doing has basically made college hiring a total 0.

 

[UNCatTech]

Lower prices at the pump can be an indicator of economic weakness as fewer people having jobs means less travel for work and less disposable income for leisure. Just sayin'.

True, gas fell significantly during COVID also.

 

[nycfan]

The Labor Market for Recent College Graduates

Data on employment outcomes for new graduates and young workers.

www.newyorkfed.org

Gray line is all younger workers, light blue is young workers with at least a college degree:



Young workers with degrees still are doing better than the cohort overall, but that gap is narrowing right now, which could be in part due to the AI hiring hesitancy in white collar jobs, as well as uncertainty in the financial markets directly impacting law, accounting, banking and other financial sector jobs right now.

 

[nycfan]

That income number is startling…

 

[heelinhell]

That income number is startling…

That income # is troubling...That can't be real, can it ?

 

[1moretimeagain]

Thank you for your attention to this matter.

 

[1moretimeagain]

Persistent jobless claims at a multi year high, a shocking drop in personal income, and a significant downward revision of first quarter gdp, but the market goes up, baby!

Fewer employees making less money can boost the ole profit margin.

 

[finesse]

Key punch and telephone operators say hi.

 

[HintonJamesHeel]

I was talking to a friend recently who just graduated with a comp sci degree. He was saying how hard a lot of kids in his cohort were pushed into the field because it was “the future.” Now, a lot of these entry level comp sci jobs are just being made irrelevant with AI.

My oldest just graduated high school and at a senior awards event, I was stunned how many kids walked across the stage and they announced they would be majoring in computer science. Seemed like parental malpractice….

 

[UNCatTech]

I was talking to a friend recently who just graduated with a comp sci degree. He was saying how hard a lot of kids in his cohort were pushed into the field because it was “the future.” Now, a lot of these entry level comp sci jobs are just being made irrelevant with AI.

Computer science is far too broad, I know that at GT there are now multiple pathways and specialities under Computer science. Anyone i speak with I recommend internships. They are invaluable in networking, learning business, and providing experience needed to land that first job.

 

[superrific]

Persistent jobless claims at a multi year high, a shocking drop in personal income, and a significant downward revision of first quarter gdp, but the market goes up, baby!

I think the market went up on the TACO trade when Bessent said he was extended the trade deal deadline until September

 

[superrific]

Let’s not forget: the rush into comp sci wasn’t just trend-chasing, it was manufactured. The tech industry pushed the “learn to code” narrative hard, not to empower kids, but to flood the labor market and drive down wages. Now AI is automating the exact entry-level jobs they trained for.

Oh fuck off with this bullshit. Again you don't know what you're talking about. My sister in law teaches comp sci. She encourages everyone she can to go into comp sci (or did), and not because she's sold out to tech. Her politics are more like yours than mine, though she lives in reality all the time as opposed to flittering in and out.

 

[BillOfRights]

Thank you for your attention to this matter.

But gas prices!!!!1!!1!!

 

[heelinhell]

Yep. I’d give some slack to the parents and teachers because they’re just doing what they think is prudent without fully understanding what’s going on/what’s coming down the pike.

Let’s not forget: the rush into comp sci wasn’t just trend-chasing, it was manufactured. The tech industry pushed the “learn to code” narrative hard, not to empower kids, but to flood the labor market and drive down wages. Now AI is automating the exact entry-level jobs they trained for.

I am just a simple unfrozen caveman lawyer. I fell on some ice thousands of years ago and later got thawed out by some of your scientists. These small machines called computers frighten and confuse me. I worry that humans who operate and control these machines may be replaced by what is called artificial intelligence. It is too much for one unfrozen caveman lawyer to absorb.

 

[HintonJamesHeel]

Record high in the s&p 500

 

[CFordUNC]

Fun to look at the ol’ stock portfolio again today. Thank you President Trump!