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Something Alarming Is Happening to the Job Market
A new sign that AI is competing with college grads
According to the New York Federal Reserve, labor conditions for recent college graduates have “deteriorated noticeably” in the past few months, and the unemployment rate now stands at an unusually high 5.8 percent. According to research by the San Francisco Federal Reserve, 2010 marked a turning point, when the lifetime-earnings gap between college grads and high-school graduates stopped widening. Instead, she said, today’s grads are entering an uncertain economy where some businesses are so focused on tomorrow’s profit margin that they’re less willing to hire large numbers of entry-level workers, who “often take time to learn on the job.”
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