Latest news with #RobertGoldstein
Time of India
22-05-2025
- Business
- Time of India
STEM shock: Unemployment for US computer engineering grads more than twice that of art history
New York Fed data shows US STEM grads struggling while humanities majors rise. (AI Image) Conventional wisdom long held that majoring in a STEM field was a surefire path to job security and high earnings. But new data from the Federal Reserve Bank of New York challenges that narrative, revealing that recent graduates with degrees in computer engineering face significantly higher unemployment than their counterparts in the humanities. According to the Fed's analysis of 2023 Census data, the unemployment rate for computer engineering majors stood at 7.5%, compared to just 3% for art history majors. The finding has surprised many education and labor market analysts, especially given the persistent demand for tech talent in the US economy. Unexpected winners in the US job market The report shows that graduates in majors like nutrition, art history, and philosophy are outperforming some STEM graduates in terms of employment. Nutritional sciences majors reported an unemployment rate of just 0.4%, while philosophy majors had a rate of 3.2%. In contrast, unemployment for computer science majors was 6.1%, also higher than theology, public policy, and liberal arts graduates. The data also showed that the unemployment rate for recent US college graduates overall rose to 5.8% in March, up from 4.6% a year earlier. Meanwhile, Gen Z households receiving unemployment benefits increased nearly 32% year over year. A detailed comparison of majors and job outcomes The following table, sourced from the Federal Reserve Bank of New York and published in February 2025, outlines unemployment rates, underemployment rates, wages, and graduate degree attainment across a range of college majors: Major Unemployment Rate Underemployment Rate Median Wage Early Career Median Wage Mid-Career Share with Graduate Degree Anthropology 9.40% 55.90% $42,000 $70,000 46.70% Physics 7.80% 35.00% $70,000 $100,000 67.90% Computer Engineering 7.50% 17.00% $80,000 $122,000 40.00% Commercial Art & Graphic Design 7.20% 34.70% $48,000 $75,000 11.30% Fine Arts 7.00% 53.40% $42,500 $70,000 22.60% Sociology 6.70% 54.40% $45,000 $70,000 39.70% Computer Science 6.10% 16.50% $80,000 $115,000 32.80% Chemistry 6.10% 40.60% $55,000 $90,000 65.50% Information Systems & Management 5.60% 28.50% $65,000 $100,000 25.70% Public Policy and Law 5.50% 53.90% $50,000 $75,000 45.00% Liberal Arts 5.30% 56.50% $45,000 $70,000 31.20% Miscellaneous Technologies 5.00% 55.60% $60,000 $92,000 18.40% Philosophy 3.2% 41.2% $48,000 $72,000 58.2% Art History 3.0% 46.9% $45,000 $71,000 47.9% Nutrition Sciences 0.4% 46.8% $54,000 $75,000 47.5% Source: Federal Reserve Bank of New York, based on 2023 Census data; published in February 2025 Liberal arts degrees regain value in the AI era Surprisingly, liberal arts degrees are regaining traction. At a conference last year, Robert Goldstein, chief operating officer of BlackRock, as quoted by the CNBC, said the firm is prioritizing hires with degrees in history and English, citing the growing importance of communication and critical thinking — skills not always emphasized in technical training. The rise of artificial intelligence has increased the demand for creativity and human judgment, making these 'soft skills' more marketable than ever. Healthcare remains a top performer in job security Healthcare is another standout. The unemployment rate for nursing majors was just 1.4%, according to the Fed. The Bureau of Labor Statistics also reported that the US added 902,000 healthcare and social assistance jobs last year, and the sector is expected to grow significantly through 2033. 'Nursing is extremely resilient in times of economic uncertainty,' CNBC quoted Travis Moore, a registered nurse and strategist at Indeed. He added that while early-career wages in nursing may trail other fields, job stability and long-term demand make it a strong choice. As the US job market continues to shift, these new insights may reshape how students and families evaluate the value of a college major — not just by salary, but by long-term opportunity and resilience. Invest in Their Tomorrow, Today: Equip your child with the essential AI skills for a future brimming with possibilities | Join Now
CNBC
16-05-2025
- Business
- CNBC
College majors with the best and worst employment prospects — philosophy now outranks finance
College commencement is a time of optimism for newly minted graduates. But this year, there's also more uncertainty about the economy and employment — and grads in some unexpected majors may find they have a leg up. Majors in nutrition, art history and philosophy all outperformed STEM fields when it comes to employment prospects, according to a recent analysis of labor market outcomes of college graduates by major by the Federal Reserve Bank of New York. For computer science and computer engineering, the unemployment rate in those fields was 6.1% and 7.5%, respectively — notably higher than the national average. By comparison, the unemployment rate for art history majors was 3%, and for nutritional sciences, the unemployment rate was just 0.4%, the New York Fed found. The New York Fed's report was based on Census data from 2023 and unemployment rates of recent college graduates. Economics and finance majors also fared worse than those in theology and philosophy when it came to the employment rates for recent college graduates, according to the New York Fed. As young adults enter the real world, they are facing an increasingly tight labor market. The number of Gen Z households receiving unemployment grew nearly 32% year-over-year in February and the unemployment rate for recent college grads rose to 5.8% March, up from 4.6% the same time a year ago, according to the Federal Reserve Bank of New York. In general, what you choose to major in has significant implications for your job prospects and future earnings potential. Majoring in STEM is often touted as the ticket to a well-paying position in good times and bad, and that is mostly true. In fact, students who pursue a major specifically in computer science or computer engineering — both STEM disciplines — are projected to earn the most right out of school with median wages of $80,000. More from Personal Finance:College grads face a 'tough and competitive' job marketHow college savers can manage 529 plansIs college still worth it? It is for most, but not all Even so, demand for humanities majors is on the rise, and with good reason, despite some student debt critics taking aim at the low value of some coursework, like "zombie studies," for example. At a conference last year, Robert Goldstein, the chief operating officer of BlackRock, the world's biggest money manager, said the firm was adjusting its hiring strategy for recent grads. "We have more and more conviction that we need people who majored in history, in English, and things that have nothing to do with finance or technology," Goldstein said. This demand for liberal arts degrees is due in part to the rise of AI, which drives the need for creative thinking and so-called soft skills. Meanwhile, jobs in the the health care sector continue to be in high demand in 2025. The U.S. economy added 902,000 health care and social assistance jobs last year and employment in health care occupations is "projected to grow much faster than the average" for all U.S. jobs through 2033, according to the Bureau of Labor Statistics. The unemployment rate among nursing majors is just 1.4%, the New York Fed also found. "Nursing is extremely resilient in times of economic uncertainty, like we ae seeing right now," said Travis Moore, a registered nurse and healthcare strategist at job site Indeed. Although the median wage right out of school [for nurses] is lower than it is for economics and finance majors, heading into a possible economic downturn, job security may be a more important measure, he said. "There's a significant nursing shortage going on right now," Moore said — and that "creates a really strong opportunity to get into a career with really low layoffs."
Reuters
23-04-2025
- Business
- Reuters
Las Vegas Sands beats quarterly profit estimates on strong Singapore business
April 23 (Reuters) - Casino operator Las Vegas Sands (LVS.N), opens new tab surpassed analysts' expectations for first-quarter profit on Wednesday, as strong demand from its Singapore business offsets stalling market growth in Macao. The company says market growth in Macao has softened in the current environment, as revenue from its Macao operations fell to $1.71 billion in the quarter, from $1.81 billion a year earlier. The company's Singapore operations, however, increased in revenue to $1.16 billion from $1.15 billion previously. "Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands," CEO Robert Goldstein said. The Las Vegas, Nevada-based company has been seeing slowing growth in its integrated resorts and casino business from its Macao properties since its previous quarters, including the Venetian Macao, which has historically been a major contributor to its net revenue. Las Vegas Sands operates integrated resorts and casino business, such as Marina Bay Sands in Singapore, and six properties in Macao. The company reported an adjusted profit of 59 cents per share for the quarter ended March 31. Analysts on average were expecting 57 cents per share, according to data compiled by LSEG. Total revenue for the quarter was $2.86 billion, below the analysts' average estimate of $2.89 billion.
Yahoo
23-04-2025
- Business
- Yahoo
Las Vegas Sands beats quarterly profit estimates on strong Singapore business
(Reuters) - Casino operator Las Vegas Sands surpassed analysts' expectations for first-quarter profit on Wednesday, as strong demand from its Singapore business offsets stalling market growth in Macao. The company says market growth in Macao has softened in the current environment, as revenue from its Macao operations fell to $1.71 billion in the quarter, from $1.81 billion a year earlier. The company's Singapore operations, however, increased in revenue to $1.16 billion from $1.15 billion previously. "Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands," CEO Robert Goldstein said. The Las Vegas, Nevada-based company has been seeing slowing growth in its integrated resorts and casino business from its Macao properties since its previous quarters, including the Venetian Macao, which has historically been a major contributor to its net revenue. Las Vegas Sands operates integrated resorts and casino business, such as Marina Bay Sands in Singapore, and six properties in Macao. The company reported an adjusted profit of 59 cents per share for the quarter ended March 31. Analysts on average were expecting 57 cents per share, according to data compiled by LSEG. Total revenue for the quarter was $2.86 billion, below the analysts' average estimate of $2.89 billion.
Yahoo
08-03-2025
- Business
- Yahoo
Las Vegas Sands CEO to step down in 2026, transition to adviser role
(Reuters) - Las Vegas Sands CEO Robert Goldstein intends to step down from the position when he transitions to a senior adviser role on March 1, 2026, the casino operator said on Thursday. The Las Vegas, Nevada-based company said it intends to name its Chief Operating Officer, Patrick Dumont, as chairman and CEO upon Goldstein's transition. Goldstein took over the role of CEO in 2021 and has been a member of the company's board since 2015. A long time veteran in the casino business, he joined Las Vegas Sands in 1995. He has held prominent roles at The Venetian and The Palazzo Las Vegas, two of the world's best-known casinos on the Vegas gambling strip. Dumont, who was appointed chief operating officer in 2021, was previously the company's finance chief and has held key positions since he joined in 2010.
