Latest news with #GrayandChristmas
Mint
04-08-2025
- Business
- Mint
AI isn't coming for jobs—it's already replacing them by the thousands, report shows
Since the rise of ChatGPT and other generative AI chatbots, there has been a growing anxiety about how the new technology could impact the job market. While there have been various warnings from tech leaders that AI will lead to widespread job loss and perhaps even an upending of the economy as we know it, there hasn't been a lot of evidence to suggest that such a large-scale action has happened until now. A new report by CBS News has now revealed that the adoption of generative AI is already leading to thousands of job cuts in the US. The publication, while citing a report released by Challenger, Gray and Christmas, stated that AI led to more than 10,000 job cuts in July in the United States. It noted that there have been over 27,000 job cuts since 2023 that can be directly linked to the advent of artificial intelligence. Who is getting most impacted by AI? The report states that the impact of AI on hiring is most visible among younger workers, with entry-level corporate roles available to college graduates declining by over 15% in the past year. Meanwhile, there has been a 400% increase over the last two years in employees using 'AI' in their job descriptions. "The industry is being reshaped by the advancement of artificial intelligence and ongoing uncertainty surrounding work visas, which have contributed to workforce reductions," Challenger, Gray & Christmas said. Many previous reports have hinted that white-collar jobs are most at risk of being eliminated by AI. In a report last month quoted by NBC, Andrew Challenger, senior vice president at the company, said, 'There are roles that can be significantly changed by AI right now, but I'm not talking to too many HR leaders who say AI is replacing jobs.' Last month, Amazon CEO Andy Jassy had also stated that AI would lead to a reduction in the company's total corporate workforce as it derives 'efficiency gains' from the new technology. Meanwhile, there are also other reasons for job losses in the US, with over 292,000 jobs being terminated owing to the cuts implemented by the Department of Government Efficiency, which was previously led by Elon Musk.
CNBC
02-07-2025
- Business
- CNBC
Americans are struggling with layoff anxiety: It's causing workers to 'burn out faster,' experts say
In the wake of high-profile layoffs, many workers are feeling anxious about job security. U.S. employers reported nearly 700,000 job cuts in the first five months of 2025, according to outplacement services firm Challenger, Gray and Christmas, an 80% increase compared to job cuts in the first five months of 2024. It's little wonder, then, that 46% of Americans report feeling "concerned" about layoffs in the next year, according to a recent Indeed survey. The fear of losing your job can be all-consuming, affecting everything from your productivity to your personal relationships. According to executive coach and licensed social worker Melody Wilding, layoff anxiety can create a "vicious cycle" of overwork for employees. Concern for their jobs is "causing people to work much more, maybe in areas that are not productive, and burn out faster," she says. Below, experts share tips to keep layoff anxiety from affecting your well-being, both at work and at home. Layoff anxiety can make it difficult to stay focused, even on tasks you usually handle with ease, Wilding says. "It's always in the back of your head, so you're not really bringing your best to anything you're doing," she says. "There's just a hum of anxiety in the background." According to career and leadership coach Phoebe Gavin, constantly thinking or talking about your job is another red flag. "If it's something that is just popping into your mind, even at unrelated times, and you're having a hard time distracting yourself or redirecting yourself from that thought, that is definitely a telltale sign that you should probably do something about that anxiety," she says. On a larger scale, layoff anxiety can create a negative environment at work. According to Wilding, when people are on edge, they're more likely to be "reactive and maybe even defensive or snippy" with their co-workers, which creates an atmosphere of "tension and fear." Equally, Gavin says, it can strain your personal relationships: if you're constantly "stress venting" to your loved ones about your job concerns, you run the risk of overexerting your support system. "Anxiety from any place in your life is going to seep into the rest of your life," she says. For many of Gavin's clients, the hardest part of layoff anxiety is "feeling like you have absolutely no control over the situation." While anxiety may feel "paralyzing," coming up with a clear action plan can give you a greater sense of stability, she says. "When my clients are catastrophizing about this sort of thing, I always ask them, 'what would you do? I know you would bad, but what would you ?'" she says. "Often we're able to come up with a list of actions that we can take." If you have a good relationship with your supervisor, Gavin recommends having an honest conversation about the prospect of layoffs, as well as doing some industry research on your own time. Even if you do get laid off, Wilding says, "it usually isn't as catastrophic as we make it" in our minds. You may have to tighten your budget and put more energy into job searching, but being laid off doesn't mean that your career is over. Wilding suggests sprucing up your resume and reconnecting with your professional network so that you're ready to hit the job market if necessary. "It can give you a feeling of agency and control that should something bad happen, at least I'm ready to go," she says.
Yahoo
05-06-2025
- Business
- Yahoo
Weekly U.S. initial jobless claims rise by 8,000
June 5 (UPI) -- Eight thousand more Americans filed initial unemployment claims for the week ending May 31, according to a Thursday Department of Labor report. The total number of seasonally adjusted initial unemployment claims for the week were 247,000, -- 8,000 higher than the previous week. The four-week moving average of initial unemployment claims was also 8,000 higher for a total of 1,895,250. It's the highest since November 27, 2021 when it was 1,923,500. "The advance number of actual initial claims under state programs, unadjusted, totaled 208,642 in the week ending May 31, a decrease of 3,128 (or -1.5%) from the previous week. The seasonal factors had expected a decrease of 10,505 (or -5.0%) from the previous week. There were 196,177 initial claims in the comparable week in 2024," The Labor Department said in a statement. The jobless claims report comes as U.S. layoffs are 47% higher this May than last, according to Challenger, Gray and Christmas. The insured unemployment rate - meaning the percentage of the workforce covered by unemployment insurance and receiving benefits - was 1.2% for the week ending May 24. Highest number of initial jobless claims came in Michigan (+3,259), Nebraska (+1,328), California (+ 1.041), Florida (+977) and Virginia (+947). The largest decreases were in Massachusetts (-747), Illinois (-744), Texas (-601), Washington (-307), and New York (-259).
UPI
05-06-2025
- Business
- UPI
Weekly U.S. initial jobless claims rise by 8,000
June 5 (UPI) -- Eight thousand more Americans filed initial unemployment claims for the week ending May 31, according to a Thursday Department of Labor report. The total number of seasonally adjusted initial unemployment claims for the week were 247,000, -- 8,000 higher than the previous week. The four-week moving average of initial unemployment claims was also 8,000 higher for a total of 1,895,250. It's the highest since November 27, 2021 when it was 1,923,500. "The advance number of actual initial claims under state programs, unadjusted, totaled 208,642 in the week ending May 31, a decrease of 3,128 (or -1.5%) from the previous week. The seasonal factors had expected a decrease of 10,505 (or -5.0%) from the previous week. There were 196,177 initial claims in the comparable week in 2024," The Labor Department said in a statement. The jobless claims report comes as U.S. layoffs are 47% higher this May than last, according to Challenger, Gray and Christmas. The insured unemployment rate - meaning the percentage of the workforce covered by unemployment insurance and receiving benefits - was 1.2% for the week ending May 24. Highest number of initial jobless claims came in Michigan (+3,259), Nebraska (+1,328), California (+ 1.041), Florida (+977) and Virginia (+947). The largest decreases were in Massachusetts (-747), Illinois (-744), Texas (-601), Washington (-307), and New York (-259).
CNBC
20-05-2025
- Business
- CNBC
4 expert tips to bounce back after losing your job: ‘Surround yourself with people who are in your corner'
From the tech industry to the federal government, thousands of American workers have been affected by widespread layoffs in 2025. This year, U.S.-based employers announced 275,240 job cuts in March, a 205% increase compared to March 2024, according to outplacement services firm Challenger, Gray and Christmas. If you recently found yourself unexpectedly back on the job market, you're in good company. "I always say to people that it's almost rare to find someone these days who hasn't experienced a layoff," says NYC-based career coach Eliana Goldstein. While losing your job can be demoralizing, it's essential to remember that a layoff is not a reflection of your abilities or worth. If you're struggling with low confidence after a layoff, these expert-approved tips will help you find your groove again. After that dreaded meeting with HR is over, "the first thing to do is calm yourself down," says career coach and licensed mental health counselor Lynn Berger. "You have to go through the stages of grief — some people expect it, but for some people it's a shock, and you have to give yourself time to absorb that," Berger says. "You really need to take a moment and respond, versus reacting." Phoebe Gavin, a career and leadership coach, advises her clients to take at least 24 hours to process the news before making any big decisions. "We tend to make our worst decisions when we're feeling our strongest emotions, whether they're positive emotions or more difficult emotions. That tends to be when the logic side of our brain is a little bit turned down," she says. Instead of trying to suppress negative emotions, Gavin recommends leaning into them. "You need to actually engage with them, because those thoughts and feelings are not going to just disappear," she says. It's understandable if searching for a job is your top priority, but maintaining your mental and physical health is key to your future success. "Above all, take care of yourself," Berger says. Make time each day to unwind and relax, whether you prefer to meditate, exercise, pursue a creative project or spend quality time with loved ones. Some of Berger's clients used their newfound free time after a layoff to expand their social circle and spend more time with family. "I know people that have made new friends, that have taken on new hobbies, or that spent more time with people they didn't have opportunity to spend time with before," Berger says. Enjoy your more flexible schedule, but resist the urge to sleep in: maintaining a consistent schedule will help you stay motivated, Goldstein says. "Try to keep to your normal routine in terms of the time you usually wake up and the time that you usually go to bed," she says. "All these things can impact your psyche and how you're feeling about yourself." According to Gavin, after losing your job, "the most important thing you can do is find community and support." The stigma around being laid off has lessened in recent years, but many people still find it difficult to talk about their experiences openly. "It makes sense for people to still feel shame," Gavin says: "We have years of societal conditioning that if you get fired or if you get laid off, that is a reflection of your value as a person." It's important to make a conscious effort to maintain your relationships with professional contacts and former co-workers. "The more you surround yourself with people who are in your corner — people who have expertise, people who have access to opportunities – the easier it's going to be to not feel alone," she says. Gavin also recommends consulting a career coach, talking to a mental health counselor and opening up to family and friends for extra support. Whether you're hoping to level up within your industry or pivot to a new path, learning a new skill is a great way to show employers that you used your free time to the best of your ability, Berger says. "Building up your skills can also build up your confidence — and it gives you something to talk about in an interview," Berger says. Goldstein recommends looking into courses and certifications listed in the job descriptions of roles in your desired field. "If you are clear on the roles that you're targeting and where you want to go next, then you can think about some of the gaps between where you want to go and where you are now," she says. ,
