Bill McDermott, the chief executive of ServiceNow, an American cloud computing firm, told reporters recently that the advancement of artificial intelligence could push the unemployment level of recent college graduates into the almost 40%. McDermott told CNBC that “so much of the work is going to be done by agents,” highlighting the challenge that college graduates will likely face. The Federal Reserve Bank of New York put the unemployment rate of recent college graduates, at the end of last year, at 5.7%, while underemployment for the same group reached 42.5%. Layoffs at large companies, particularly in Big Tech, continue. The fintech firm Block, recently announced it would lay off about 4,000 employees, roughly half of its workforce.
