unveiling the impact over 4000 jobs lost in may in the us due to ai-reveals report

The latest monthly report from Challenger, Gray & Christmas reveals that approximately 4,000 individuals who were laid off in May this year lost their jobs due to the influence of Artificial Intelligence (AI). This accounts for approximately 4.9% of the total job cuts observed during the month. The report highlights that business closures were the most prevalent reason for layoffs, resulting in a staggering 19,600 job losses.

The data released on [Date] indicates that the US job market faced significant challenges between January and May, with approximately 417,500 jobs lost during this period. This marks the worst five-month start to a year since 2020, when the onset of the Covid-19 pandemic led to over 1.4 million layoffs. Additionally, the report notes that the first five months of 2023 have experienced the highest layoff figures since 2009, with 820,000 job cuts reported.

Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, commented on the current job market situation, stating, "Consumer confidence is down to a six-month low, and job openings are flattening. Companies appear to be putting the brakes on hiring in anticipation of a slowdown."

In addition to the impact of AI, the report also highlights other key factors contributing to job losses, such as business closures, market/economic conditions, and cases where no specific reasons were provided. Economic conditions were cited as the primary cause for the majority of announced job cuts, accounting for nearly 206,300 losses during the first five months of 2023.

The Challenger, Gray & Christmas report comes at a time when businesses across the globe are increasingly adopting advanced AI technology to automate a range of tasks, including creative work, administrative duties, and clerical work. Instances of AI replacing human workers have been.