Business of Tech: Daily 10-Minute IT Services Insights Mon Dec-11-2023: Employment & Wage Growth, Competitive Differentiation, and Inclusivity Development
In this episode, we discuss three important updates in the tech industry. Firstly, the tech sector is showing stability, which is good news for the overall industry. Despite a slight dip in tech employment, there is high demand for AI talent. Secondly, we delve into the global shift towards regulating artificial intelligence, with the EU's AI Act and the US's AI policies being notable examples. We also explore how tech is transforming the labor market and creating opportunities for IT services. Lastly, we present the November jobs report, which reveals a robust job market in the US, with strong employment and wage growth. Despite cooler job growth, the economy remains strong, supporting consumer spending during the holidays. The unemployment rate is at its lowest in over 50 years, and workers are seeing real wage gains. These positive indicators may influence the Federal Reserve's decision on future rate hikes.
Three things to know today:
00:00 Tech Sector Shows Stability: AI Talent in High Demand Despite Overall Tech Employment Dip
04:16 From EU's AI Act to US AI Policies: A Global Shift Towards Regulating Artificial Intelligence
09:43 Tech's Transformation of the Labor Market: Opportunities for IT Services
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