Vice President of AI, Hannah Calhoun, recently spoke on Morning with Maria about the impact of artificial intelligence on the job market, noting that around 300 million jobs worldwide are at risk of disruption.
According to a report from payroll processing firm ADP, private sector employment in the U.S. saw an increase of 109,000 jobs in April, which surprisingly exceeded economists’ predictions of a 99,000 rise. However, the previous month’s figures were adjusted downwards from 62,000 to 61,000.
Which industries employ the most workers?
In April, the education and health services sector led in job growth, contributing 61,000 jobs. Additionally, trade, transport, and public works added 25,000 jobs, while construction saw a rise of 10,000 jobs and financial activities added 9,000.
Leisure, hospitality, and information sectors each added 4,000 jobs, with natural resources and mining contributing 3,000 jobs. The manufacturing sector grew by just 2,000 jobs.
On a less positive note, professional and business services experienced a decline of 8,000 jobs, and other services saw a reduction of 1,000 jobs.
When we look at company sizes, larger firms with more than 500 employees added 42,000 jobs, while companies with 50 to 499 employees grew by 2,000. Interestingly, establishments with fewer than 50 employees were responsible for 65,000 new jobs.
Wage growth has shown signs of slowing down, with salaries for existing employees rising by 4.4% year-on-year, whereas pay for those switching jobs remained static at 6.6%.
What experts say about data
Nella Richardson, ADP’s chief economist, observed that while both small and large businesses are hiring, there’s a noticeable softening in the middle class. She emphasized that large companies have more resources to adapt, while small businesses are typically more agile, which are both critical advantages in today’s complex job landscape.
