Axios · Goldman Sachs · Wall Street · Axios
What they caught: AI has both published and destroyed jobs over the past year
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Overall, AI raised the unemployment rate by 0.1 percentage point, they find.
Key facts
- Overall, AI raised the unemployment rate by 0.1 percentage point, they find
- They come to a similar conclusion: AI added 10 basis points to the overall unemployment rate at most
- If you're focusing only on how AI displaces workers, you're missing the story, Joseph Briggs, an economist at Goldman Sachs, told their colleagues at Axios Macro in a recent interview
- New reports from Morgan Stanley and Goldman Sachs come in the wake of a deluge of doomsday predictions and tell a more nuanced story of how AI is changing the job market
Summary
The impact of AI on the job market is starting to show up in the data analyzed by Wall Street firms, so far it's pretty modest, but certainly real. New reports from Morgan Stanley and Goldman Sachs come in the wake of a deluge of doomsday predictions and tell a more nuanced story of how AI is changing the job market. Goldman Sachs looked at occupation-level federal data and scored jobs by AI exposure: separating roles that can be completely substituted by AI (proofreader) and those that can be considered complementary (doctor). What they found: AI has both created and destroyed jobs over the past year. It reduced employment in occupations that are easily substituted by AI, translating to a slight 0.16 percentage point increase in the unemployment rate.