College grad unemployment surges as employers replace new hires with AI

New research finds that for the first time ever the unemployment rate among recent college graduates has exceeded the national jobless rate, ballooning to 6.6% over the last 12 months. “This is kind of goes against what you would expect,” said Matthew Martin of Oxford. “Those with higher educational attainment usually have better employment prospects than those with less educational attainment.” Martin’s team believes companies are eliminating entry-level jobs and turning the work over to artificial intelligence.

Class discussion: Are you worried that artificial intelligence (AI) could take your dream job and leave you unemployable? Automation and robots eliminated many manufacturing jobs. Will AI eliminate most jobs for “knowledge workers?” Everyone from engineering to computer science grads are struggling to find jobs. Are there any careers that AI does not threaten?? If AI and robots perform most of the jobs once done by well-paid workers, can the economy survive? Who is profiting from the explosive growth of AI?