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Recent Editions
Human Times
North America
U.S. consumer sentiment has fallen to a more-than three-year low, with the government shutdown weighing on the economic outlook and high prices souring views about personal finances. The University of Michigan's preliminary November sentiment index dropped to 50.3, the lowest since June 2022, from 53.6 in October. A measure of current economic conditions slumped 6.3 points to a record low of 52.3, and fears about unemployment rose, with 71% of respondents expecting it to rise in the year ahead. “Consumers perceive pressure on their personal finances from multiple directions,” Joanne Hsu, director of the survey, said in a statement. “Consumers also anticipate that labor markets will continue to weaken in the future and expect to be personally affected.’’
Human Times
UK
One in six employers anticipates workforce reductions due to AI over the next year, according to the Chartered Institute of Personnel and Development (CIPD). The CIPD's latest labour market outlook survey, involving over 2,000 employers, shows that 62% expect clerical, junior managerial, professional or administrative roles to be most affected. Large private sector firms are particularly concerned, with 26% expecting headcount reductions compared with 17% in the private sector overall and 20% in the public sector. Of the firms that expect to cut roles because of AI, a quarter said they were preparing to lose more than one in 10 staff. James Cockett, a senior labour market economist at the CIPD, said: "AI has great potential for improving productivity . . . but it also risks leaving many people behind."
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Human Times
Europe
Activists have criticised proposed changes to Europe's landmark privacy law. EU antitrust chief Henna Virkkunen will present the Digital Omnibus, in effect a package of proposals to simplify overlapping legislation including the General Data Protection Regulation, the Artificial Intelligence Act, the e-Privacy Directive and the Data Act, on November 19. Austrian privacy group noyb commented: "The draft Digital Omnibus proposes countless changes to many different articles of the GDPR. In combination this amounts to a death by a thousand cuts." Max Schrems of noyb said: "This would be a massive downgrading of Europeans' privacy 10 years after the GDPR was adopted."
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Human Times
Middle East
An Israeli Employment Service report reveals a troubling decline in labour force participation among young Israelis aged 20-29, particularly men and those in the Arab sector. Despite a low unemployment rate of 5.2% for the 15-24 age group, many young adults are neither working nor seeking jobs. Attorney Einbal Mashash, chief executive of the Employment Service, observed: "The decline in young people's employment rates occurs alongside a welcome rise in the participation of groups that were recently on the fringes of the labour market."
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