🎉 The State of the Labor Market ⚡

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Good Afternoon Party People! 🎉

ICYMI - Apple officially released its Vision Pro headset. And people are wearing it everywhere…at the gym, on the subway, while walking down the street.

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PARTY PLAN 🎉

JOLTS labor report

🎤 T-Swift is distracting you…

🤖 AI won’t steal your job (yet)

And, of course, MEMES!

MEME OF THE DAY

“how to avoid layoffs 101”

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JOBS REPORT

December JOLTS Report…

The US labor market ended the year strong in 2023. Job openings are on the rise with employers saying they had over 9 million unfilled positions in December. The layoff rate remains below its pre-pandemic rate and has been that way for 3 years.

But the weakness in the hiring rate could be concerning for job seekers in 2024.

So if there are 9 million open jobs, why is the hiring rate still trending down?!

Experts at Indeed suggest that the volatility of the labor market over the past few years is leading people to stay in their current roles. This supports a recent study showing that job applications have dropped significantly.

This data doesn’t include the surge in tech and media layoffs that we’ve seen to start the year, but according to Indeed, it shouldn’t be a reason to panic.

“The good news is that the ranks of the newly jobless are unlikely to increase — the layoff rate is still very low and has only been above its pre-pandemic low for one month of the last three years.”

The layoff rate certainly doesn’t feel low. And recently, more sectors just announced that they’re reducing headcount…

  • Finance - 23,238

  • Tech - 15,806

  • Food - 6,656

  • Retail - 5,364

Always weird when the data doesn’t appear to reflect reality.

WORKPLACE

T-Swift was a Top Distraction at Work…

“Did you see her at the game?!”

“Is she going to make it to the Super Bowl?”

“I’m tired of her. She gets all the screen time!”

Slack has been infested by Swifties!! According to a survey by Workamajig, a web-based project management software tool, Taylor Swift concerts, the Super Bowl, and Taylor Swift’s Speak Now album were among the top 10 leading workplace distractions last year.

About 10% of workers surveyed listed either the Super Bowl or a T-Swift concert in their city as the biggest workplace distractions. Another 7% said the Speak Now album was the #1 distraction (do these people all work at all-girls private schools?!).

The number 1 distraction was the Barbie Movie.

According to the report, nearly 90% of U.S. workers get distracted at least once daily, while about 25% say they get distracted 6 or more times every workday.

On average, workers lose 1 hour and 18 minutes daily to distractions, which amounts to 340 hours per year. Thanks a lot, Taylor Swift and Margot Robbie!!

AI

AI Won’t Steal Your Job…(Yet)

Robots replacing humans have been a fear of workers for decades. Until the recent advancements with AI and machine learning, it’s been mostly an irrational fear.

Now, according to a study from the Massachusetts Institute of Technology (MIT), it’s still an irrational fear.

The study is authored by five researchers at the prestigious university and takes a deep look into the practicalities of replacing human labor with AI.

They looked into roles such as teachers, property appraisers, and bakers (AI will never make cookies as good as grandmas).

The study found that less than 1/4 of wages for these jobs could be cost-effectively replaced by AI.

“Even with a 50% annual cost decrease, it will take until 2026 before half of the vision tasks have a machine economic advantage. By 2042 there will still exist tasks that are exposed to computer vision, but where human labor has the advantage.”

The study, which analyzed roughly 1,000 different visually assisted tasks across 800 occupations, concluded that even with a 20% drop in cost every year, it would still take decades for computer vision tasks to become economically efficient for companies.

Humans win this round.

We asked ChatGPT if the robots are coming for our jobs. Here’s what it had to say:

“I don’t want your job”

ChatGPT

There is hope.

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