AI is already showing signs of slashing job openings in the UK
Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co analysis found.
But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm.
'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey.
The decline in job vacancies has been the most acute for occupations expected to be significantly altered by AI. Photo: Shutterstock Images
The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls.
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