Dow says it will cut 4,500 jobs, shifting emphasis to artificial intelligence and automation
CBSN
Dow on Thursday said it is planning to cut approximately 4,500 jobs as the chemicals maker shifts its emphasis toward artificial intelligence and automation. In:
Dow on Thursday said it is planning to cut approximately 4,500 jobs as the chemicals maker shifts its emphasis toward artificial intelligence and automation.
The company anticipates incurring severance costs of about $600 million to $800 million, in addition to $500 million to $700 million in other one-time costs.
Dow marks the latest corporation to announce significant job cuts, with Amazon on Wednesday saying it's cutting 16,000 jobs as part of an effort to cut bureaucracy. United Parcel Service said on Tuesday that it plans to cut up to 30,000 operational jobs this year.
And like Dow, Pinterest said this week that it was cutting jobs — reducing 15% of its staff — partially due to increased reliance on AI.
Americans are feeling increasingly anxious about the odds of finding a job, or getting a better one. Economists have said that businesses are largely at a "no-hire, no fire" standstill. Hiring has stagnated overall — with the country adding a meager 50,000 jobs last month, down from a revised figure of 56,000 in November.
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