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US bank stocks decline after Moody's lowers ratings for small and midsize lenders. Tesla's new CFO has two jobs and many question marks. Report on Generative AI and the future of work in America. Overview of the impact of keeping rates higher for longer.
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Quick takeaways
- According to a report by McKinsey Global Institute, 12 million workers in the United States are expected to transition into new lines of work by 2030 due to automation, COVID-19, and generative AI, requiring the workforce to acquire new skills to adapt.
- CFRA's chief investment strategist, Sam Stovall, suggests that the current market phase may be a digestion period following significant market advances, with the historical seasonal pattern of market weakness in August and September potentially contributing to this phase.
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Impact of AI on Future Jobs
According to a report by McKinsey Global Institute, 12 million workers in the United States are expected to transition into new lines of work by 2030 due to the impact of automation, COVID-19, and generative AI. Around 30% of the activities performed by US workers today could be automated by 2030. Despite job losses in some sectors, the report also highlights that there will be an increase in higher-paying and higher-skilled jobs, particularly in healthcare, STEM fields, and transportation. However, the workforce may need to acquire new skills to adapt to these changes.
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