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This is how generative AI will change the gig economy for the better

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Artificial intelligence will augment work and could add more opportunities to the job market rather than tank it, according to tech executive Gali Arnon. While some fear that AI will erase huge numbers of roles, Arnon argues that AI will accelerate the pace of job creation, augment work, and accelerate startup opportunities.

In an interview with ZDNET, Arnon, CMO of Fiverr, a platform that connects freelancers with work opportunities, says generative artificial intelligence is smart, but it can’t dominate the economy because its capabilities are narrow and limited to specific tasks.

Arnon says Fiverr data shows that freelancers are using AI as a “tool” that augments creative work, but doesn’t replace humans. Instead, she says AI is creating “new jobs, new opportunities” because it speeds up manual and analog work, allowing freelancers to spend more time on creative and interpersonal tasks.

When it comes to integrating AI into business services, there are several examples that demonstrate the technology’s potential for augmenting human work. For instance, generative AI can help writers and journalists by quickly extracting key points and quotes from a transcript, saving time and improving efficiency.

AI can also be used to create artwork, optimize customer support processes, and even aid in code-writing processes. The key to success is finding the right balance between using AI and maintaining the human touch.

Arnon says creative professionals are learning to master prompts for generative AI systems. Basic prompts produce low-quality results, but experts can chain prompts to multiple AI systems to produce unique and high-quality images, audio, and text.

She says some of the best creative professionals edit AI-generated outputs in other applications, such as Adobe’s Creative Cloud. The end results can be high in quality and unique in style. Arnon says professionals are augmenting their skills with AI, “to use it in a way that will just set the bar higher, set a new standard” of quality.

However, the ethical considerations when using generative AI and creative work are nuanced and challenging. One question employers must answer for their organizations is whether using AI-generated content, such as artwork or text, is considered cheating.

Arnon believes that as long as freelancers are transparent about their use of AI tools — and do not claim the work as their own — there is no ethical issue. The real challenge lies in ensuring that AI is used responsibly and ethically without undermining businesses or society at large.

In the coming months, Arnon believes that generative AI will continue to play a significant role in the future of freelancing and work. She says Fiverr is a microcosm of the broader workforce and reflects emerging trends in the job market. By embracing AI and leveraging its capabilities, businesses and freelancers can create new opportunities and jobs, ultimately benefiting the gig economy.

However, ensuring the ethical and responsible use of AI is crucial for its successful integration into the workforce. Through collaboration between regulators, businesses, and AI developers, it is possible to strike the right balance between innovation and ethical considerations, paving the way for a more efficient and dynamic workplace.

“We need to find the right checks and balances,” Arnon says, “but eventually, I really believe humanity will know how to use AI, and it will make us only better.”

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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