One of the largest chemical companies in the world, The Dow Chemical Company, announced the removal of nearly 4,500 jobs on Thursday through a press release.

The global company stated that one of the main causes of the wave of layoffs is due to its shift away from automation and that it intends to invest in artificial intelligence in the ensuing years.

It has 34,600 staff abroad, with its main office in Midland, Michigan. Its executives announced the company's plans to save around$ 1 billion in costs in January 2025, as well as the company's announcement to close at least three plants in Europe last July, which would have resulted in the loss of 800 jobs. The company anticipates incurring severance costs of between$ 600 and$ 800 million as well as between$ 500,000 and$ 800 million in other one-time expenses for this most recent decision. This week, the manufacturer was not the only one to reveal job cuts to include AI into its production processes. Additionally, Amazon, Nike, and Pinterest have all cut back on workplace.

More and more American are concerned about the possibility of finding a job or losing the one they already have as a result of the changes in the labour market, particularly with the growing trend toward the use of fresh and innovative technologies.

Companies are currently operating in a "don't employ, don't fire" mode, which keeps the labor market constrained due to sluggish hiring, but they claim that this is largely due to the higher operating costs brought on by large workforces.

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