Tag: consumer

Automation Could Drastically Change The Landscape Of Labor. But Who Loses In An Increasingly High-Tech World?

Automation Could Drastically Change The Landscape Of Labor. But Who Loses In An Increasingly High-Tech World?

Automobile production. Shutterstock While automation can lead to higher productivity and cheaper prices for consumers, its emergence poses a risk for a significant portion of the U.S. labor force, studies found.

The working class — including individuals employed in the production, food service, and transportation industries — are at greater risk of losing their jobs to automation than others who are working in fields that require more education.

One study by the Brookings Institution found that, while automation won’t lead to a “job apocalypse,” it could spell trouble for working class Americans who perform monotonous jobs. […]

High-tech jobs will be created

High-tech jobs will be created

In 1801, Jacquard Loom invented a steel punch card system to control thread-dispensing shuttles, allowing multicolored, patterned textiles to be produced without the constant attention of human weavers. It was the birth of automation and the start of a tense relationship between worker and machine that continues to this day.

Mechanization of the apparel and other industries followed, making craft jobs obsolete while creating new ones requiring little skill. Philosopher Karl Marx described the change as “alienation of labor,” because it deprived workers of the satisfaction of creating a complete product and instead made them “cogs” in production machines. His […]

Robots could replace loan officers in the future

Robots could replace loan officers in the future

(Chart by the Orange County Register/SCNG) What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.

Rate news summary

From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 3.64%, down 9 basis points from last week. The 15-year fixed rate averaged 3.16%, down 5 basis points from last week.The Mortgage Bankers Association reported a 10.1% decrease in loan application volume from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was a stunning $305 higher than this week’s […]

The World Needs a Digital Blue-Collar Workforce

The World Needs a Digital Blue-Collar Workforce

Credit: Hero Images/Getty Images A.I. and automation continue to take ground, populist concern is growing that these new technologies will replace the effort of their human counterparts, and with it, the workers’ livelihood. Of course, this is nothing new. Gutenberg’s printing press revolutionized the distribution of ideas and slowly sidelined calligraphy — first to the category of an art form and then to a peculiar hobby. Textiles fell to the machine in the 18th century before Henry Ford’s assembly line organized workers for mass production, only to slowly replace them with robots.

Behind all growth marches gradual innovations that increase […]

Automation to Create More Jobs for Indonesia Than It Destroys by 2030: McKinsey

Automation to Create More Jobs for Indonesia Than It Destroys by 2030: McKinsey

Phillia Wibowo, the president director of McKinsey Indonesia, said Indonesia is poised to create two times more new jobs from automation than it loses. (Photo courtesy of McKinsey Indonesia) Jakarta . Indonesian workforce could end up seeing more jobs available to them – mainly in the service sector – should the government and corporate sectors manage the adoption of automation and artificial intelligence well over the next decade, a new report by global consulting company McKinsey said.

Automation in the largest economy in Southeast Asia is projected to destroy up to 23 million jobs and create between 27 to 46 […]

How automation and artificial intelligence will affect your job

How automation and artificial intelligence will affect your job

Play Video Jobs of the future

(Source: The Daily Edition) We’ve long heard that robots are set to take over our jobs, but now new research has revealed which careers are actually at risk. Credit: Getty Images Stock We’ve long heard that robots are set to take over our jobs, but now new research has revealed which careers are actually at risk and which are future-proof – and they’re not necessarily the jobs you would think.

Over the next five years, it’s being predicted that more than 13,500 fewer secretaries will be hired – and sales assistants are also declining fast […]

The economic consequences of automation

The economic consequences of automation

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Reactions While Brexit captures the headlines in the United Kingdom and elsewhere, the silent march of automation continues. Most economists view this trend favourably: Technology, they say, may destroy jobs in the short run, but creates new and better jobs in the longer term.

The destruction of jobs as a result of automation is clear and direct: a firm automates a conveyor belt, supermarket checkout or delivery system, keeps one-tenth of the workforce as supervisors, and fires the rest. But what happens after that is far less obvious.The standard economic argument is that workers affected by automation […]

Economic consequences of automation

LONDON — While Brexit captures the headlines in the United Kingdom and elsewhere, the silent march of automation continues. Most economists view this trend favourably: Technology, they say, may destroy jobs in the short run, but it creates new and better jobs in the longer term.

The destruction of jobs is clear and direct: A firm automates a conveyor belt, supermarket checkout, or delivery system, keeps one-tenth of the workforce as supervisors, and fires the rest. But what happens after that is far less obvious.

The standard economic argument is that workers affected by automation will initially lose their jobs, but […]

Who will benefit from innovative technologies?

Who will benefit from innovative technologies?

Innovative technologies will allow workers to have more time for leisure and personal pursuits, but can also threaten their employment. Photo: AFP In the United States, a computer programmer shared a “trade secret” on an online forum frequented by people in his line of work.

The man said he was hired to do a full-time job of data entry, but instead of doing the job manually, he used a program to automate the work. The one who used to occupy his position had to spend a month to complete the task, but it only took him 10 minutes to finish […]

Will robots steal my job?

Will robots steal my job?

Source: Curtin Business School The answer is: quite possibly, so start planning for it.

The relentless march of technology. The rise of robots. The AI doomsday trap. These aren’t slogans for the upcoming Terminator: Dark Fate , but news headlines that turn up in search results when you Google future of employment .

The big question is no longer whether robots and artificial intelligence will eventually replace us at work, but how and when it will happen. Debate rages. In 2013, a pair of Oxford academics predicted that 47 percent of American jobs could be lost to automation by 2030 […]