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Has the Decline of Knowledge Worker Jobs Begun?
The New York Times notes that white-collar workers have faced higher unemployment than other groups in the U.S. over the past few years — along with slower wager growth. Some economists wonder if this trend might be irreversible... and partly attributable to AI: After sitting below 4% for...
Overall, the latest data from the Federal Reserve Bank of New York show that the unemployment rate for college grads has risen 30% since bottoming out in September 2022 (to 2.6% from 2%), versus about 18% for all workers (to 4% from 3.4%). A software engineer at a large tech company who declined to be named for fear of harming his job prospects said that his team was about half the size it was last year and that he and his co-workers were expected to do roughly the same amount of work by relying on an AI assistant. Harvard labor economist Lawrence Katz even suggested the slower wage growth could reflect the discount that these workers accepted in return for being able to work from home.
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