41% of employers will cut jobs by 2030 thanks to AI

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why AI may actually be threat your job.

Transcript

00:00I'm Conway Gins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Financial markets are fixated on economic data this Wednesday

00:08for clues on how many rate cuts to expect in 2025.

00:13Hiring by private sector employers rose by just 122,000 in December,

00:18according to payroll company ADP.

00:20That is the smallest hiring since August.

00:23But on the flip side, separate numbers from the Labor Department

00:27showed new applications for jobless benefits were the lowest in nearly a year.

00:33Sticking with the job market, a new survey is confirming

00:36worries about AI and the future of work.

00:39According to a World Economic Forum survey,

00:4241% of employers say technological advances tied to AI

00:47will result in job losses at their companies in the next five years.

00:51While a big portion of the job losses are expected to hit professions,

00:55technology will make redundant, such as workers at the post office,

00:59executive secretaries and payroll clerks, some creative jobs are at risk as well.

01:05The report specifically mentions graphic designers,

01:08since AI can already create certain kinds of content involving words and images.

01:14The somber tone in this year's future of jobs report

01:17removes a previous belief AI would have a positive net effect on the jobs market.

01:23Instead, the report says,

01:24quote, the presence of both graphic designers and legal secretaries

01:28just outside the top 10 fastest declining job roles,

01:32a first-time prediction not seen in previous editions of the future of jobs report,

01:37may illustrate generative AI's increasing capacity to perform knowledge work.

01:43But the outlook isn't all bleak.

01:4577% of companies surveyed say they will retrain and reskill current workers

01:51so employees can use AI to be more efficient.

01:55That'll do it for your daily briefing from the New York Stock Exchange.

01:58I'm Conway Gittens with The Street.