Economics

In its latest labor market report, the New York Federal Reserve found that recent CS grads are dealing with a whopping 6.1 precent unemployment rate. Those who majored in computer engineering — which is similar, if not more specialized — are faring even worse, with 7.5 percent of recent graduates remaining jobless.

.I mean, best in class compensation, strong work life balance and prestige. Hundreds of thousands of students flocked to CS degrees as a no-brainer career. But the music has stopped, and there’s a lot of people without a place to sit. This is definately one of the larger market corrections I’ve seen since 2001. But, yet, I still would not tell people not to pursue engineering. Understanding technology I think is a critical part of the future.

But there’s no fun anymore. The stores just feel really kind of dingy, unkempt, with stuff locked behind doors.

Not much of a shopper, but Target really felt like a fun place to shop with great deals and clean stores. The answer seems so obvious to me, hire. more. people. Check outs and returns routinely take 20-30 min, the self checkout lanes are so slow and the lines long. My frequent impulse buys of Legos or Switch Games for the kids are locked up, not even able to browse. And even the socks and underwear require a person to unlock. A last straw, it seems like the in-store Starbucks are after thoughts. Sorry Target, Runnings and Tractor Supply have my dollars now. Glad to know it isn’t just me.

The share of people 30 days delinquent on their credit card debt has trended upward since the first half of 2021, and that trend was widespread among all four geographies we examined.

Lookinga the included graphs it seems since 2023 delinquency has gone from up almost 10% points (log scale). Somethings gotta give.

_{Quote Citation: Juan M. Sánchez , Masataka Mori, “The Broad, Continuing Rise in Delinquent U.S. Credit Card Debt Revisited”, May 09, 2025, https://www.stlouisfed.org/on-the-economy/2025/may/broad-continuing-rise-delinquent-us-credit-card-debt-revisited}

Hiring of new grads by the 15 largest tech companies has fallen by more than 50% since 2019, according to a new report from VC firm SignalFire. While hiring for mid- and senior-level roles rebounded last year following mass layoffs across all levels in 2023, it declined at the entry level. The gap between the overall unemployment level and that of recent college grads recently reached an all-time high, according to census data.

International Business Machines Chief Executive Arvind Krishna said the tech giant has used artificial intelligence, and specifically AI agents, to replace the work of a couple hundred human resources workers. As a result, it has hired more programmers and salespeople, he said. While there haven’t yet been widespread layoffs or downsizing as a result of AI across the economy, some business leaders have said they are holding down head count as they investigate the use of the technology.

Returning to a measure we introduced in 2023, we examine American data on employment by occupation, singling out the type of workers that are often believed to be vulnerable to ai. These are white-collar employees, describing people in back-office support, financial operations, sales and much more besides. There is a similar pattern here: we find no evidence of an ai hit (see chart 2). Quite the opposite, in fact. In the past year the share of employment in white-collar work has risen very slightly.

AI is creating new work that cancels out some potential time savings from using AI in the first place.

Adoption of AI is going gangbusters, but results in the marketplace aren’t dramatic. Best case I’ve seen is that AI is like a lot of other automation, it free’s time for more work; not less.

_{Quote Citation: Thomas Claburn, “Generative AI is not replacing jobs or hurting wages at all, economists claim”, Tue 29 Apr 2025, https://www.theregister.com/2025/04/29/generative_ai_no_effect_jobs_wages/}