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fliptop [soylentnews.org] writes:

‘Learn to code’ turned out to be one of the most misguided pieces of career advice, and college grads are bearing the brunt of it [thefederalist.com]:

Manasi Mishra, a 21-year-old with a degree in computer science (CS) from Purdue University, shared [nytimes.com] in a TikTok video that despite her intelligence and hard work, she struggled to find a job for nearly a year. The only company that called her back for an interview during this time was Chipotle, and she did not get the job. It was only after her video went viral that Mishra finally secured a job offer last month.

Mishra’s experience reveals an alarming trend: Many recent graduates who major in CS are struggling to find employment. According to a report [newyorkfed.org] by the Federal Reserve Bank of New York, those with degrees in CS and computer engineering (CE) face [msn.com] unemployment rates of 6.1 percent and 7.5 percent, respectively — figures that are more than double the rates seen among recent graduates in fields like art history (3 percent) and ethnic studies (2.6 percent). Furthermore, CS and CE rank as the third and eighth worst majors for unemployment out of the 70-plus majors the report tracked.

[...] Because AI performs coding tasks much faster and more cost-effectively, tech companies have been laying off existing entry-level employees and have also reduced the number of new job postings for entry-level positions. By July, more than 130,000 [finalroundai.com] tech workers had lost their jobs, either because their employers replaced them with AI or chose to reallocate funds toward AI-related investments. Additionally, tech-related job postings decreased by 36 percent [apnews.com] in July, compared to early in 2020.

[...] LinkedIn’s chief economic opportunity officer, Aneesh Raman, warned [fortune.com] that the AI-driven job cuts by tech companies are only the beginning. The financial sector will be hit next as big Wall Street firms reportedly [fortune.com] are planning to cut back hiring as much as two-thirds because they’ve replace junior analysts and bankers with AI. Ford Motor CEO Jim Farley predicted [dailymail.co.uk] that AI will “replace literally half of all white-collar workers in the U.S.”

Related:

• Microsoft Research Tries to Predict Jobs Most Impacted (i.e., Lost) by AI [soylentnews.org]
• Intel Axes Thousands of Technicians and Engineers in Sweeping U.S. Layoffs [soylentnews.org]
• The Workers Who Lost Their Jobs To AI [soylentnews.org]
• ‘Tone Deaf’: US Tech Company Responsible for Global IT Outage to Cut Jobs and Use AI [soylentnews.org]
• More Microsoft Job Cuts Could Hit Non-Coding Staff And Middle Managers [soylentnews.org]
• Software Engineering Job Openings Hit 5-Year Low Amid Industry Shift [soylentnews.org]

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