Inflation at the wholesale level rose more than expected in August, countering recent data showing that price increases have tempered lately.
The producer price index, a measure of what producers get for their goods and services, increased a seasonally adjusted 0.7% in August and 1.6% on a year-over-year basis. That monthly gain was above the Dow Jones estimate for a 0.4% increase.
However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.
The Gallup survey released on Monday highlights a growing concern among American workers about the potential obsolescence of their jobs due to advancements in technology. According to the survey, 22% of U.S. workers fear that their jobs will become obsolete in the near future as a result of technology, marking a 7-point increase from 2021 when the figure was 15%. This rise in concern is particularly significant among college-educated workers, with the percentage of concerned individuals increasing from 8% to 20% between 2021 and 2023. In contrast, the survey found a more modest increase from 22% to 24% among non-college-educated workers during the same period.
These survey results also reveal a generational gap, with younger workers aged 18-34 expressing higher levels of concern about job obsolescence due to technology compared to their older counterparts. Furthermore, the survey indicates that workers earning less than $100,000 per year are more likely to be worried about this issue.
This data points to the broader context of evolving attitudes toward higher education, as technological advancements and changing workplaces have prompted a reevaluation of the value of college degrees. A study from Northwestern's Kellogg School of Management has emphasized that even with a college degree, workers are not immune to the impact of technological advancements. A Wall Street Journal-NORC poll conducted in March revealed that 56% of Americans don't believe a four-year college degree is worth the cost.
Overall, these findings highlight the increasing prevalence of FOBO (fear of becoming obsolete) among American workers, particularly those who are well-educated and aware of technological advancements. It suggests a need for individuals, industries, and policymakers to address this concern and consider strategies to navigate the changing landscape of work and education.