July 5, 2023
Economy Stays Stable as Communications Industries Continue Contracting
Markets are sending mixed messages as consumers and investors plan for the months ahead. Consumer confidence hit an 18-month high in June, driven by better-than-expected hiring. Although interest rates continue rising and record layoffs have decimated tech and media industries, the overall economy has stayed afloat due to a strong service sector.
Despite signs the country may avoid a recession, long-term shifts in technology and automation continue roiling media and communications. Edelman is eliminating 240 senior-level positions as the PR behemoth undergoes restructuring. To cut costs, National Geographic has laid off remaining staff writers and announced its print publication will cease production.
Emerging Trends Lead to New Tech Changes
From algorithm adjustments to advertising alterations, technology is adapting to people and policymakers. TikTok announced it will no longer serve some American teens ads based on their activity off the app—while European users will see more comprehensive protections. In response to an expanding user base, LinkedIn has modified their algorithm to prioritize knowledge and advice. Meta is preparing to release its microblogging competitor to Twitter, called Threads, which will operate like a text-based Instagram.
As organizations integrate emerging technology, good communications should inform and educate stakeholders. A new report reveals nearly two-thirds of venture capital-backed firms plan to rollout generative AI into their products by the end of the year. For organizations tracking remote work, experts say companies should strengthen internal communications by clearly articulating monitoring protocols during onboarding.
Fact Check Fatigue and Political Manipulation Mean More Misinformation
The magnitude of misinformation continues to widen as efforts to identify and counter it start to wane. For years, the number of fact-checking websites rapidly grew, but a new study from the Duke Reporters’ Lab show growth has leveled off. As the political season ramps up, reporters are struggling to inform audiences often misled by political manipulation.
With political campaigns already deploying AI, the 2024 U.S. elections may be a potential minefield of misinformation. A federal judge has issued a ruling that could have long-term consequences in preventing government officials from working with social media companies to stem false information.
Sequence Summaries: Mixed Markets, Tech Trends, and Misinformation Magnitude
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