BUSINESS

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BUSINESS

Around 4,000 lost jobs in May due to AI

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Details

Has AI begun to take over human jobs? The answer is YES. Almost 3,900 people were laid off last month due to AI, according to the US-based executive outplacement firm, Challenger, Gray & Christmas.

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Scenario

This is the first time Challenger's monthly report has included AI as a reason, probably because the layoffs happened primarily in the tech sector, which is booming with AI advancements.

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Estimate

According to the report, over 80,000 layoff announcements were made by US-based employers in May. AI accounted for 3,900 layoffs, or about 5% of all jobs lost.

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Layoffs

Two copywriters have recently lost their job after their employers/clients decided to use ChatGPT for their project. Additionally, several media houses have already laid-off reporters in favor of AI.

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Trend

The layoff trend is expected to continue. In March, investment bank Goldman Sachs predicted that AI would eventually displace 300 million full-time jobs worldwide, affecting nearly one-fifth workforce.