🤖Will AI Upend Your Job?

Good morning. US stock futures inched higher in Tuesday morning trading as investors await fresh US inflation data.

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🤖 IMF Chief: AI will hit labor force hard

📝 Our report: Artificial intelligence is making waves in the global labor market, according to International Monetary Fund Managing Director Kristalina Georgieva. Artificial intelligence is likely to impact 60% of jobs in advanced economies and 40% of jobs around the world in the next two years, Georgieva told an event in Zurich.

 🔑 Key points:

  • "We have very little time to get people ready for it, businesses ready for it," Georgieva told the event organized by the Swiss Institute of International Studies, associated to the University of Zurich.

  • Georgieva added that advances in AI could bring “tremendous increase in productivity” if managed well, but warned that it could also lead to more “misinformation and, of course, more inequality in our society."

  • Georgieva said the world economy had become more prone to shocks in recent years, citing the global pandemic in 2020, as well as the war in Ukraine.

💡 So what: The implications of AI on the global labor market are multifaceted. While AI automation has the potential to displace many routine tasks, it also creates new job opportunities in fields such as data science and AI development. However, this shift may require workers to acquire new skills, potentially exacerbating income inequality if access to education and training is not equitable. Policymakers must address these challenges by implementing supportive policies for displaced workers, investing in education and retraining programs, and establishing regulations to ensure the responsible use of AI technologies.

Tuesday - Fed Chair Jerome Powell Speaks

Wednesday - US Consumer Price Index

Thursday - Cleveland Fed President Loretta Mester Speaks, Housing Starts

Friday - US Leading Economic Indicators

📈 12 books about investing you should read!

💳 Everything you need to know about personal loans

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🤖 OpenAI releases GPT update

WHAT: OpenAI is revving up its AI game with a zippier and wallet-friendly version of the brainpower behind its chatbot, ChatGPT. During a livestreamed event, OpenAI debuted GPT-4o. The new large language model, trained on vast amounts of data from the internet, will be better at handling text, audio and images in real-time.

WHY: The update will bring a number of features to free users that previously had been limited to those with a paid subscription to ChatGPT, such as the ability to search the web for answers to queries, speak to the chatbot and hear response in various voices, and command it to store details that the chatbot can recall in the future.

✈️ Airlines fight back against Biden rules

WHAT: U.S. airlines are gearing up for a showdown with the Biden administration, filing a lawsuit to block greater transparency over fees charged to passengers. American, Delta, United and three other carriers, along with their industry trade group, sued the Transportation Department in a federal appeals court, asking the court to overturn the rule set out by the administration over hidden junk fees.

WHY: The trade group, Airlines for America, said the Transportation Department is going beyond its authority by attempting “to regulate private business operations in a thriving marketplace.” The airlines said the administration hasn’t shown that consumers can’t get information about fees already.

🌭 Ketchup maker considers spinning off meat business

WHY: The Oscar Mayer business, known for hot dogs, bacon, ham, and bologna products, has had to deal with declining consumer demand in the face of a shift to healthier options.

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