This morning, the Challenger, Gray & Christmas jobs report revealed that U.S. employers announced 33,429 job cuts in July, representing a 27% decrease from June and a 46% decrease year-over-year, marking the lowest monthly total in two years. Notably, hiring plans increased by 47% from June, indicating the strongest July for hiring since 2022.
However, artificial intelligence (AI) continues to play a significant role in job displacement, accounting for 10,970 job cuts in July alone, or 33% of all layoffs for the month. Total job cuts attributed to AI this year have reached 112,713, comprising nearly 25% of all U.S. layoffs. This trend contrasts with the more traditional sectors as businesses are increasingly reallocating resources to fund AI initiatives.
Additionally, Wall Street firms, including Point72 Asset Management and Two Sigma Investments, were targeted in a series of sophisticated cyberattacks involving voice phishing, which mimics voices to extract sensitive information. Last year, deepfake voice attacks cost U.S. corporations $1.1 billion, illustrating the urgent need for enhanced cybersecurity measures.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
