Robots will take 50 million jobs in the next decade. These are the skills you’ll need to stay employed

A new report finds that automation will take over a significant part of work activities in Europe by 2030.

 In the next 10 years, robots will take over 50 million jobs.

More than 90 million workers across Europe (about 40% of the total workforce) will have to develop significant new skills within their current roles in the next ten years, as automation puts 51 million jobs at risk, warns a new report from analyst firm McKinsey.

And almost all of today’s European workers will face some degree of change as their jobs evolve because of technology. But although the statistics seemingly feed into a common fear of robots taking over our jobs, quick conclusions needn’t be drawn: the research also shows that employment growth in other sectors will largely compensate for overall job loss.

So much, in fact, that Europe might find itself short of up to six million workers by 2030. As new opportunities emerge in fields like technology, for example, McKinsey anticipates that finding sufficient workers with the required skills to fill the jobs that are being created on the continent will be challenging.

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Wall Street jobs data ‘experts’ are failing big time

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Attention all you Wall Street “experts” who try to predict the monthly employment report! This column is for you.

The rest of you, of course, can read along. But the first item in this column is specifically for those on Wall Street who get paid a lot of money to get their economic predictions correct.

And they don’t do that often enough.

Experts: it makes me sad to say this, but you aren’t doing a very good job. And, quite frankly, I’m afraid your bosses will soon be asking why and might even — dare I say it — be cutting your fine salaries.

OK, do I have your attention? Now I’m going to tell you where you are going wrong. Ignore me at your own — and your family’s — peril.

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The new servant class

Caucasian butler holding serving tray in formal parlor

“Wealth work” is one of America’s fastest-growing industries. That’s not entirely a good thing.

In an age of persistently high inequality, work in high-cost metros catering to the whims of the wealthy—grooming them, stretching them, feeding them, driving them—has become one of the fastest-growing industries.

The MIT economist David Autor calls it “wealth work.”

Low-skill, low-pay, and disproportionately done by women, these jobs congregate near dense urban labor markets, multiplying in neighborhoods with soaring disposable income. Between 2010 and 2017, the number of manicurists and pedicurists doubled, while the number of fitness trainers and skincare specialists grew at least twice as fast as the overall labor force.

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Growth of healthcare jobs in America: Graph

Here’s what an astonishing graph (via Brookings) says. Job growth in America’s non-health-care economy has been dreadful during the last ten years. Just 2.1 percent total — or barely 0.2 percent per year. (Yes, that’s point-two percent annual growth.) In that time, the U.S. health care sector has grown more than ten-times faster than the rest of the economy, adding 2.6 million jobs.

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Why North Dakota May Be the Best State to Live In

North Dakota

North Dakota has a budget surplus.

While many states are confronting severe budget shortfalls and dragging economies, North Dakota has a different sort of problem. It’s stuck deciding how best to deal with a budget surplus. Yes, a surplus. North Dakota’s balance sheet is so strong it recently reduced individual income taxes and property taxes by a combined $400 million, and is debating further cuts.

 

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