welcome everybody you're watching Mr Fugu data science today is going to be a little
bit of an interesting video it's going to be from personal experience and opinion
and to go over some things that I've been reading recently so we're featuring what is
the future of data analytics in general for the year 2023. here's some of my thoughts
this notebook will be in the next video we're going to review some of these articles today. This
article is from Forbes of this year. I think it was posted in March and it's interesting because
of a few things because of the advances in Ai and chat GPT coming out I think it was November
of last year of 2022 things have shook up you know the world. For academics, for automating jobs,
creative writing, facilitating code development and automation, Things like this that are important and
yes they do take away from some jobs. But let's look at a few of the things that are causing
people to get all up in arms about alright. Let's start here right here. Goldman Sachs said
300 million jobs could be affected by generative AI meaning that 18% of the work globally could be
automated. What's the time frame for this five years, ten years, I don't know. I think they put
it in their prospectus but that's irrelevant at this point. This is a statement that they're
saying worldwide 300 million. The report also predicts that two-thirds of jobs in the US and
Europe are exposed to some degree of AI automation. I think it's good. But there are some drawbacks for
the people who do lose their jobs. There's some ideas I have for that but it's only opinion based.
According to some researchers from Pennsylvania State open AI found some educated white collar
workers earning up to 80,000 a year I'm more than likely to be affected by the workplace automation.
If you're doing routine tasks for whatever job in tech or whatever it may be. Yeah you can automate the
process. If I'm parsing data all day, for example Json. Yeah why not automate the process. Let me give
an example of where this chat bot came into my personal life for a contract I had. This happened
in actually around November. Late November early December. I had a contract I was doing some work
for someone they took some of my skills after I tried to help them and they utilized the chat bot
to do the work and pretty much negated my contract. I thought it was ingenious I was a little salty
and mad about it because you know obviously I'm losing some money. But it was ingenious and yes
I was salty in the beginning but I said you know what this is a great tool a great asset. Now a lot
of people say oh my gosh this is terrible because you could write a college essay, you could go pass
the bar exam, you could go blah blah blah blah blah right. With advances in technology you have
to create protocol to help combat this. That's a necessity. And with this new AI it's going to
create new jobs. While some jobs may get phased out other jobs are going to get created because
of this technology. [Music] it's going to say well jobs such as what agriculture, mining, manufacturing
those aren't going to get exposed to AI issues. Okay that's fine who cares, But then they say
well I.T that's a big problem or people who are programming and writing yes this is going to help
facilitate the automation of jobs but it's also going to decrease the workforce in some capacity
over time. That's a fact. So the way you're going to need to combat this is to gain new skills and
focus more on the critical thinking part. Only the tasks that we require you to do repetitive
work that's something I would hinge on as a really important Prospect. Things like what banking, media
marketing, these are all going to be affected of course. Legal Services that's already something
that's causing some issues, also digital art for the generative AI stuff, Music Creation things
like this. Now skip to this other article where we have according to CBS News AI is going
to eliminate 4000 jobs in May. Okay that's fine. 4000 jobs according to this study of the Challenger
Gray and Christmas LLC. We're going to pull that that up in a second For some specifics. Something
that's really important here is that IBM decided that hey we're going to get rid of some of these
jobs and we're not going to fill the vacancies and over time any job that's not a face-to-face we're
going to try to automate this job and get rid of it in five or ten years. They can go and do that
that's just something that you need to be aware of. Let's click over and look at this. Let's look
at this report low is posted a week ago on June 1st of this year by this Christmas LLC company
right. It says some things that are interesting U.S based employers there's 80089 job cuts as
of last month of May with a 20% increase of the month prior. That may seem kind of high but this
look at this with a little bit of perspective. We'll see what January is usually a little bit
higher for turnover rate for people leaving these jobs. And I want to preface with something. This
Christmas Challenger Gray company. They deal with outplacement services for basically people who lose
their jobs or are transitioning employment. That's what their specialty is apparently. Where do they
get the data from either employers or from people who are applying I don't really know much about
this I just pulled it from the CBS article I read. So if anything's inaccurate don't blame me. Here's
something that I think is interesting. They're proposing with 417 and a half thousand jobs
will be cut this year. I would actually think it's more I think that's a conservative number and if
we scroll back and we say well between January and May of 2020 there were 1.4 million people who got
the boot for the jobs. I was one of those people. What a delight. Let's skip down to something, our
interest here for this exercise is talking about the tech sector. We'll see that there were almost
23000 people who got the can as of last month. With 136000 total people losing their job up
to this point in the year. Last year there was an uptick in a lot of things going on in the economy
in the United States and the world if you paid attention to some of the currencies if you're
traveling or doing business. You would have saw like the last about four to five months there
was a lot of transitions. If you're a YouTuber you would see that your ad revenue was decreased
by probably 50 percent even more for some people. There's a lot going on in the economy and you can
see that uptick here and it starts dropping that back down. I would say that there's a macro economy
issue that is going on causing something like this to occur not just one single thing. You could see
like retailers, financial firms, media firms all took these hits right. What we're interested in is
scrolling down here and looking at the tech sector. We're seeing that a job cut of last year was only
4500 versus 136000 and change. That's kind of interesting that's what it says and we'll see some
of these high income states such as Washington, New York and California has some big hits this year
for unemployment or layoffs. And we will scroll down Financial Tech. What are we at? Year to date
for fine Tech almost 10000. We have technology 136000 which is just massive considering a
bunch of the alphabet companies were laying off a bunch of people. We could see the reason why some
of these jobs were cut. We'll see like basically economic conditions created most of this. People
cutting costs or closing down shops or just giving no reason for unemployment. Now if we go here into
the early 2000's where the.com stuff is you see there are some big unemployment. You know over a
million plus for a few of these years when the .com bust. Then we have the little crisis of the real
estate stuff in 2008-09. Then 2020 and then here we are in 2023. so in the grand scheme of themes it's
not as bad as they make it look. Unfortunately the number of jobs in the short amount of time
looks like it's exploding. But you need to step back and think about this. Yes it's a lot of jobs
but comparative to some of the situations for the economy and prior decades. It's not that bad yet .
Now if you notice something retail took a huge hit right. Look at technology right. So let's look at the
time frame. tThis is last year and here's this year. So it doesn't look that bad. My takeaway from this
is that while there's a lot of jobs that may be getting displaced you have to take it on a case by
case depending on sector and dependent on what the skills are needed for that particular position. Now
employers are going to do a few things that are kind of goofy. Where they may be more stringent or
competitive for the workflow now because of these tools and advances in technology that may make
it more stressful or technically difficult for those to retain future employment over the long
haul. And that's a takeaway that you need to make sure you understand. A lot of these companies are
trying to look at metrics more for the workflow of individual employees or teams and that's something
you need to pay attention to which may become problematic for your future. But that's the end
of this video. So please like share and subscribe and if you subscribe turn on that notification
bell. Thanks for watching. Thank you for all your love and support and any of the positive feedback
I've had over the years.See you in the next video. Hey kid don't ever let them get inside your head