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☆ Companies that use AI to replace workers will ultimately lose, Stanford University professor says
▼ + stars: | 2024-01-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Read previewCompanies are racing to deploy AI in the workplace but one Stanford University professor said the technology should be used to "complement people" rather than replace them altogether. Brynjolfsson explained that savvy companies will use AI in conjunction with workers because some tasks are better completed by humans and others by machines. Related storiesSome companies have been laying off workers as they implement AI. Some workers are naturally concerned about whether AI is coming for their jobs as the hype around the technology continues. Two CEOs working on new robotic technologies echoed Brynjolfsson's point, telling Business Insider that workers don't need to fear that AI will replace them.

Persons: —, Erik Brynjolfsson, Brynjolfsson, We're Organizations: Service, Stanford University, Business, Stanford Digital Economy Lab, Economic, Deloitte Locations: Davos

☆ US services sector growth slows moderately
▼ + stars: | 2023-10-04 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The survey's measure of new orders received by services businesses dropped to 51.8, the lowest level since December, from 57.5 in August. PRICES REMAIN ELEVATEDDespite the slowdown in new orders, services businesses continued to face higher prices. A gauge of prices paid by services businesses for inputs was unchanged at 58.9. Some economists view the ISM services prices paid measure as a good predictor of personal consumption expenditures (PCE) inflation. The ISM's gauge of services sector employment dipped to 53.4 from 54.7 in August, which mostly reflected supply issues.

Persons: Amira Karaoud, Kurt Rankin, tightens, September's, Goldman Sachs, Lucia Mutikani, Paul Simao, Andrea Ricci, Will Dunham Organizations: REUTERS, PMI, Institute for Supply Management, Federal Reserve, PNC Financial, United Auto Workers, Retailers, Treasury, Fed, ADP, Conference Board, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Goldman, BLS, Thomson Locations: Louisville, U.S, WASHINGTON, Pittsburgh

☆ US private payrolls growth slows sharply in September, ADP report shows
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Private payrolls rose by 89,000 jobs last month, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment would rise by 153,000. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor Department's more comprehensive and closely watched employment report for September. The ADP report has not been a reliable gauge in trying to predict the private payrolls count in the employment report. According to a Reuters survey of economists, the Bureau of Labor Statistics is expected to report that private payrolls increased by 160,000 jobs in September.

Persons: Amira Karaoud, payrolls, Lucia Mutikani, Paul Simao, Andrea Ricci Organizations: REUTERS, Rights, ADP, Reuters, Federal Reserve, Conference Board, Stanford Digital Economy, Labor, of Labor Statistics Locations: Louisville, U.S

☆ US private payrolls growth slows sharply in August - ADP
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Aug 30 (Reuters) - U.S. private payrolls increased less than expected in August, the latest indication that the labor market was losing steam, though it remains tight. Private payrolls rose by 177,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment would increase by 195,000. It has not been a reliable gauge in trying to predict the private payrolls count in the employment report. According to a Reuters survey of economists, the Bureau of Labor Statistics is expected to report that private payrolls increased by 150,000 jobs in August.

Persons: payrolls, Lucia Mutikani, Chizu Organizations: ADP, Reuters, Federal Reserve, Conference Board, Stanford Digital Economy, Labor, of Labor Statistics, Thomson

☆ Small businesses boost US private payrolls in July
▼ + stars: | 2023-08-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

REUTERS/Amira Karaoud/File photoSummary Private payrolls increase by 324,000 in JulyWage growth gradually slowingWASHINGTON, Aug 2 (Reuters) - U.S. private payrolls rose more than expected in July as small businesses boosted hiring, pointing to continued labor market resilience that could shield the economy from a recession. Private payrolls increased by 324,000 jobs last month after surging by 455,000 in June, according to ADP. MANUFACTURING DRAGHiring at small business, establishments with one to 49 employees increased 237,000, accounting for more than two-thirds of the gain in private payrolls last month. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, the BLS is likely to report that private payrolls increased by 179,000 jobs in July.

Persons: Amira Karaoud, Christopher Rupkey, Nela Richardson, It's, Daniel Silver, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, ADP, Reuters, Treasury, Fed, Stanford Digital Economy, U.S . Bureau of Labor Statistics, BLS, JPMorgan, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, New York

☆ U.S. private payrolls beat expectations in June - ADP
▼ + stars: | 2023-07-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Amira KaraoudWASHINGTON (Reuters) - U.S. private payrolls increased more than expected in June, indicating that the labor market remains strong despite growing risks of a recession from higher interest rates. Private payrolls jumped by 497,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 228,000. A survey last month showed consumers’ perceptions of the labor market more upbeat in June relative to May. According to a Reuters survey of economists, private payrolls likely increased by 200,000 jobs in June.

Persons: Amira Karaoud WASHINGTON, payrolls Organizations: REUTERS, ADP, Reuters, Fed, Stanford Digital Economy, Labor Department’s Bureau of Labor Statistics Locations: Louisville, U.S

☆ U.S. private payrolls beat expectations in June
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, July 6 (Reuters) - U.S. private payrolls increased more than expected in June, indicating that the labor market remains strong despite growing risks of a recession from higher interest rates. Private payrolls jumped by 497,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 228,000. A survey last month showed consumers' perceptions of the labor market more upbeat in June relative to May. According to a Reuters survey of economists, private payrolls likely increased by 200,000 jobs in June.

Persons: payrolls, Lucia Mutikani, Chizu Organizations: ADP, Reuters, Fed, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Thomson Locations: U.S

☆ U.S. private payrolls beat expectations in May-ADP
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 1 (Reuters) - U.S. private payrolls increased more than expected in May, suggesting that the labor market was slowing only gradually, which could result in the Federal Reserve keeping interest rates elevated for some time. Private payrolls increased by 278,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 170,000. According to a Reuters survey of economists, private payrolls likely increased by 165,000 jobs in May. With further gains anticipated in government employment, total nonfarm payrolls are forecast to have risen by 190,000 jobs last month after advancing 253,000 in April.

Persons: payrolls, Lucia Mutikani, Chizu Organizations: Federal Reserve, ADP, Reuters, Fed, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Thomson Locations: U.S

☆ US private payrolls increase solidly; wage growth cools
▼ + stars: | 2023-05-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

SummarySummary Companies Private payrolls increase by 296,000 in AprilPrior month's gain revised lower to 142,000WASHINGTON, May 3 (Reuters) - U.S. private employers boosted hiring in April amid strong demand for workers in the leisure and hospitality industry, but a slowdown in wage growth offered some good news for the Federal Reserve's fight against inflation. Private payrolls increased by 296,000 jobs last month, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment would increase 148,000. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, private payrolls likely increased by 160,000 jobs last month.

☆ Workers in a study got an AI assistant. They became happier, more productive, and less likely to quit.
▼ + stars: | 2023-05-03 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Instead of looking at whether AI will replace workers, a study suggests it could improve work lives. A recent study by Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond shows that generative AI can actually boost productivity for workers. While their study was about generative AI and its impact on workers at a company, the researchers noted that the purpose of the study isn't to "shed light on the aggregate employment or wage effects of generative AI tools." The paper stated that the AI system used was "designed to augment, rather than replace, human agents." The AI system used by some of the workers in the study consisted of a GPT-based large language model along with machine learning algorithms.

☆ US private payrolls growth slows in March -ADP
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

Private employment increased by 145,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing 200,000. The government reported on Tuesday that there were 9.9 million job openings at the end of February. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, the government report is likely to show private payrolls increased by 215,000 jobs in March.

☆ US private payrolls miss expectations in March -ADP
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 5 (Reuters) - U.S. private employers hired far fewer workers than expected in March, suggesting that the labor market was cooling. Private employment increased by 145,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing 200,000. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, private payrolls likely increased by 215,000 jobs in March.

☆ U.S. private payrolls increase in February -ADP
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 8 (Reuters) - U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. The ADP initially reported 106,000 private jobs were created in January, a fraction of the 443,000 surge in private payrolls estimated by the BLS. According to a Reuters survey of economists, private payrolls likely increased by 213,000 jobs in February.

☆ U.S. job openings increase to five-month high as labor market stays tight
▼ + stars: | 2023-02-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

There were 1.9 job openings for every unemployed person in December, the Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed on Wednesday. Job openings, a measure of labor demand, increased by 572,000 to a five-month high of 11.0 million on the last day of December. Others speculated that job openings had been overstated because of difficulties adjusting the data for seasonal fluctuations. "A jump in job openings in the retail sector is also at odds with a lower pace of seasonal hiring around the holidays." The job openings rate up shot to 6.7% from 6.4% in November.

☆ U.S. private payrolls miss expectations in January -ADP
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 1 (Reuters) - U.S. private payrolls increased far less than expected in January, hinting at some cooling in the labor market. Private employment increased by 106,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private jobs increasing 178,000. It has been a poor predictor of private payrolls in the BLS employment report. According to a Reuters survey of economists, nonfarm payrolls likely increased by 185,000 jobs in January after rising by 223,000 in December.

☆ U.S. private payrolls beat expectations in December, ADP says
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 5 (Reuters) - U.S. private payrolls increased more than expected in December, pointing to still-strong demand for labor despite higher interest rates. Private employment increased by 235,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private jobs increasing 150,000. It has been a poor predictor of private payrolls in the BLS employment report. According to a Reuters survey of economists, private payrolls likely increased by 180,000 jobs in December after rising by 221,000 in November.

☆ U.S. third-quarter economic growth revised up; goods trade deficit widens in October
▼ + stars: | 2022-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.9% annualized rate, the Commerce Department said in its second estimate of third-quarter GDP. Economists polled by Reuters had forecast GDP growth would be raised to a 2.7% rate. Gross domestic income (GDI) had contracted at a 0.8% pace in the second quarter. Profits from current production decreased $31.6 billion in the third quarter after rising $131.6 billion in the second quarter. Inventories subtracted from GDP growth in the third quarter.

☆ U.S. private payrolls growth slows in November-ADP
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 30 (Reuters) - U.S. private payrolls increased far less than expected in November, suggesting demand for labor was cooling amid high interest rates, a survey showed on Wednesday. Private employment increased by 127,000 jobs in November, the ADP National Employment report showed. Economists polled by Reuters had forecast private jobs increasing 200,000. The jury is still out on the ADP's reliability in predicting the private payrolls component in the BLS employment report. According to a Reuters survey of economists, private payrolls likely increased by 200,000 jobs in November after rising by 233,000 in October.

☆ Services sector boosts U.S. private payrolls in October
▼ + stars: | 2022-11-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

The pick-up in private hiring shown in the ADP National Employment report on Wednesday was concentrated in the services sector, specifically the leisure and hospitality industry. "A tight labor market and rising wages will complicate things for the Fed and the risk is the labor market could remain tight for quite some time," said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina. Economists polled by Reuters had forecast an increase of 195,000 private jobs. According to a Reuters survey of economists, private payrolls likely rose by 200,000 jobs last month after rising by 288,000 in September. With no job gains expected in the government sector, overall nonfarm payrolls are also forecast to have increased by 200,000.

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