Tag: job market

  • US sees strongest job growth in eight months, raising rate hike possibility

    US sees strongest job growth in eight months, raising rate hike possibility

    In September, the United States experienced a significant increase in employment, marking the most substantial growth in eight months. 

    This surge in hiring was widespread, indicating a persistent strength in the labour market. This development potentially provides the Federal Reserve with the rationale to consider raising interest rates once again, although it’s worth noting that wage growth is currently decelerating.

    The Labour Department’s latest employment report, released on Friday, revealed a nonfarm payroll increase that surpassed expectations, along with substantial upward revisions to job counts for July and August. These findings solidify the belief that economic activity gained momentum in the third quarter.

    The continued resilience of the labour market and the broader economy, even after 18 months of the US central bank’s efforts to temper demand by raising rates, suggests that monetary policy may remain restrictive for an extended period. 

    Recent data also indicates an increase in job openings in August, coupled with consistently low first-time applications for state unemployment benefits in September.

  • India’s 5 million coders face uncertain future amid AI advancements

    India’s 5 million coders face uncertain future amid AI advancements

    If the technology underlying ChatGPT were to displace software engineers, India would be the country most affected, as it is home to over 5 million coders. This prospect is causing concern for newly qualified engineers like Palash Hade, who anticipates a reduction in software jobs in India.

    To increase his employability, Hade enrolled in an online degree program in data science and analytics from the prestigious Indian Institute of Technology (IIT) Madras.

    In the past, India’s outsourcing firms were desperate for talent and were willing to train engineers from different backgrounds. However, with the rise of generative artificial intelligence and ChatGPT, firms are now looking for candidates with these specific skills. India’s largest outsourcer, Tata Consultancy Services Ltd., made 46,000 campus offers this year, but the CEO of Tech Mahindra warns that change is fast approaching due to advanced AI.

    While students at elite schools like the Indian Institute of Science are not worried about the impact of AI on their future job prospects, tens of thousands of engineers without degrees from such institutions have reason to worry. Entry-level coding jobs are at risk of being eliminated, according to Shraddha Kulkarni, a 21-year-old engineering student in Bangalore who has been actively using ChatGPT.

    According to Bloomberg, developers on Reddit and Quora are also expressing anxiety about the potential impact of AI on their industry. They fear that the time and effort they invested in developing their skills may be rendered obsolete by AI-based programming.

  • About 830,000 Pakistanis left the country in 2022 in search of better jobs

    About 830,000 Pakistanis left the country in 2022 in search of better jobs

    The Bureau of Immigration and Overseas Employment (BE&OE) has reported a historic surge in emigrants seeking overseas employment in 2022, with a staggering 829,549 individuals registering for job opportunities abroad. Syed Agha Rafiullah, Parliamentary Secretary for Overseas Pakistanis and Human Resource Development (OPHRD), presented this data to the National Assembly on Wednesday, shedding light on the nation’s growing interest in international job markets.

    Rafiullah went on to explain that although 12.45 million Pakistani workers had registered for overseas employment opportunities since 1971, the COVID-19 pandemic had significantly impacted emigration numbers in 2020 and 2021. Only 224,705 and 286,648 Pakistani emigrants had been recorded in those years, respectively.

    To combat this decline, the government is actively pursuing a diversification strategy, seeking new international employment markets for its workforce. In this regard, the government has already established statements of intent on migration and mobility with Greece and the United Kingdom, and is hopeful of signing a similar agreement with Germany soon.

    Moreover, the ministry is currently in talks with 12 nations, including Denmark, Belgium, Germany, Greece, Italy, Iran, Lebanon, Kuwait, Libya, Romania, Portugal, and Uzbekistan, to sign memorandums of understanding (MoUs) on personnel export. In addition, 24 social welfare attachés have been deployed to 16 countries to explore new opportunities for Pakistani labor.

    The government is committed to providing Pakistani emigrants with the necessary training in line with the host country’s labor market requirements, as determined by the host country’s Labour Market Analysis (LMA). These measures reflect the government’s proactive approach in promoting overseas employment and ensuring its workforce’s sustainable livelihood.