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Elon Musk Warns Social Security Could Run Out By 2032: 'We're Going Bankrupt...'
Corporate job losses mount amid tightening economy and AI growthRecent cuts mark end of job security for high-earning knowledge workers whose ranks grew since pandemicAmazon headquarters in Seattle on Tuesday. The company said this week it would eliminate 14,000 corporate jobs © BloombergCorporate workers are fighting for a shrinking pool of jobs as mass lay-offs and a hiring slowdown stoke fears of a “white-collar recession”, amid mounting pressure from tariffs, slowing economic growth and artificial intelligence.In the past week, companies including Amazon, Paramount, United Parcel Service and Target have all announced they will slash a combined 31,800 office-based roles, with some directly citing plans to use AI to reduce their labour force. Others cited rising costs from President Donald Trump’s tariffs regime and falling sales as consumers curtail their spending.The recent cuts mark the end of nearly six years of high job security for high-earning human resources specialists, marketers, managers, software developers and other knowledge workers whose ranks have expanded rapidly since the start of Covid-19 pandemic. These workers’ spending has upheld the US economy in recent months as lower-income households sharply pulled back because of inflation.The US economy has grown unevenly throughout 2025, with GDP increasing at an annualised rate of 3.8 per cent in the second quarter and a 0.6 per cent contraction in the first.“It’s not great that consumer spending is really hinging on a smaller class of people,” said Allison Shrivastava, an economist at jobs site Indeed. “But if they go away because there’s a lot of investment in AI, that can definitely worsen the situation for everyone. It’s so much more precarious.”US companies announced almost 1mn job cuts in the year to September, the most since the coronavirus pandemic in 2020, according to figures from recruitment firm Challenger, Gray & Christmas. Hiring plans announced in the same period were the lowest since 2009.When Amazon on Tuesday outlined plans to cut 14,000 jobs across its corporate workforce, Beth Galetti, a senior executive, said the company needed to be “organised more leanly” to capitalise on opportunities from AI.Procter & Gamble, the consumer goods behemoth, cited a similar rationale when it announced plans in July to cut 15 per cent of its “non-manufacturing” workforce by 2027. Jon Moeller, chief executive, said the company would use “digitisation and automation” to make work “more fulfilling and more efficient”.The Federal Reserve is watching these lay-off announcements “very closely”, chair Jay Powell said on Wednesday, adding Trump’s immigration crackdown and the rise of AI “could have implications for job creation”.Nestlé and children’s clothier Carter’s both said hefty tariff bills are weighing on their bottom lines as they slashed their corporate workforces earlier this month. Carter’s chief financial officer Richard Westenberger said the retailer would cut 15 per cent of its corporate staff as a part of a larger plan to reduce costs to offset the “considerable impact [tariffs] have begun to have on our business”.Puma on Thursday said it would cut 900 corporate roles — one in eight of its office staff — as it struggles with lower sales.These recent cuts come amid a broader slowdown in white-collar recruitment, as companies also increasingly shrink their workforces by attrition. “Lay-offs get a lot of the attention, but weak hiring has been much more important in explaining the cooling that we’ve seen in the labour market,” said Guy Berger, an economist-in-residence at human resources consultancy Guild.The number of private sector employees working in information and professional and business services — sectors composed largely of white-collar workers — declined between January and September, even as the US continued to add jobs, according to figures from payroll processor ADP.However, openings in blue-collar sectors such as construction and manufacturing have increased as Trump’s hardline immigration crackdown restricts the supply of low-wage labour into the US.Gad Levanon, chief economist at the Burning Glass Institute, said lay-offs at companies such as Amazon could be an early warning sign for white-collar workers elsewhere. “Those big technology companies are earlier adopters [of AI] so we are likely to see the impact there first,” he said.Some companies have made this explicit. In a memo to staff in April, Shopify chief executive Tobi Lutke said employees would have to “demonstrate why they cannot get what they want done using AI” before asking for additional headcount or resources.Earlier this year Microsoft announced it would be slashing jobs by the thousands despite its quarterly profits soaring almost 25 per cent. Even as business leaders claim AI is “redesigning” jobs rather than cutting them, Intel and BT in the UK are among others announcing dismissals this year explicitly linked to AI.Powell on Wednesday warned recent lay-offs had not shown up in official unemployment figures. Nevertheless, some economists and investors see these announcements as early signals of economic unease — particularly as the US government shutdown has halted the publication of closely watched metrics from the Bureau of Labor Statistics. The labour department said in its most recent report, covering August, that the number of lay-offs was “little changed” throughout the year.“You’ve probably heard the phrase ‘low hire, low fire,’ but I think that makes it sound a little too chill, like we’re in a new equilibrium, which isn’t really the case,” Shrivastava said. “We’ve had too much uncertainty. It’s really a ‘hold your breath and try not to pass out’ labour market.”
Xi urges APEC members to increase cooperationChinese President Xi Jinping urged members of the Asia-Pacific Economic Cooperation (APEC) to work together to achieve shared goals at the second session of the 32nd APEC Economic Leaders' Meeting, Xinhua reported.Xi said that Asia-Pacific economies have to embrace mutually beneficial cooperation, make good use of new opportunities, stand up to new challenges and forge a sustainable and brighter future together. He added that economies must have humanity's well-being in mind and "promote healthy and orderly development of artificial intelligence in a beneficial, safe and equitable direction," the report said.Additionally, he announced that the Chinese city of Shenzhen will host the APEC Economic Leaders' Meeting in November next year.
Nvidia CEO Jensen Huang Says You Can ‘Tokenize Anything’ But You’ll Need ‘Thousands of Chips.’ That’s Good News for NVDA Stock.
Un garrulo de campo da al "doctor" Sánchez más vueltas que una peonza.Con el circo de ayer, ha pasado desapercibida la declaración del gestor del PSOE ante el juez y, sobre todo, la pregunta del millón de euros.https://www.youtube.com/watch?v=L9ZJjSZvlHsMinuto 17 en adelante.No sé que empeño hay en defender a un ladrón a no ser que se participe del botín.