Technology and finance become employment drags as AI layoffs are no longer concealed

Golden Ten Data reported on July 2 that data shows two major industries have continued to drag down recent labor demand momentum: technology and finance. As analysts Maya Prakash and Matthew Boesler wrote, financial activities and the information sector have together reduced an average of 28,000 jobs per month this year. Artificial intelligence may be one factor—in fact, tech companies are now no longer avoiding citing AI as a reason for layoffs. Although U.S. nonfarm employment growth has been strong in recent months, the data would have been even more impressive without these two sectors.