The growth of Artificial Intelligence has affected 4,000 jobs in May in the U.S, as per a report by multinational HR company, Challenger, Gray & Christmas. As per the report, this is 4.9% of the total jobs that were cut in the month.
"Consumer confidence is down to a six-month low, and job openings are stagnating. Companies seem to be scaling back on hiring in anticipation of an economic slowdown", said Senior Vice President of Challenger, Gray & Christmas, Andrew Challenger.
As per the report, the leading cause of layoffs in May was due to business closure that affected 19,600 jobs. This was followed by market and economic conditions that accounted for 14,600 layoffs. The report also mentioned that 12,900 jobs were cut with no reasons provided.
From January to March, 4,17,500 jobs were cut that makes it the worst five-month period since 2020. During the Covid-19 pandemic over 1.4 million jobs were lost.