"Goldman Sachs economist Elsie Peng warned in a new note that the substitution of artificial intelligence has reduced monthly payroll growth by about 25,000 jobs and raised the unemployment rate by 0.16% over the past year. At the same time, AI augmentation — the use of AI tools by human workers — has added 9,000 jobs to monthly payroll growth and lowered the unemployment rate by 0.06%.
Net-net, AI has caused a drag of 16,000 jobs per month on payroll growth and a 0.1% boost to the unemployment rate.
"These negative effects fall largely on less experienced workers," Peng wrote."
From Yahoo Finance, April 6:
AI agents have stolen a lot of jobs from humans over the past year: Chart
The AI agents are laughing all the way to the paycheck line, while humans walk hunched over to the unemployment line.
Goldman Sachs economist Elsie Peng warned in a new note that the substitution of artificial intelligence has reduced monthly payroll growth by about 25,000 jobs and raised the unemployment rate by 0.16% over the past year. At the same time, AI augmentation — the use of AI tools by human workers — has added 9,000 jobs to monthly payroll growth and lowered the unemployment rate by 0.06%.
Net-net, AI has caused a drag of 16,000 jobs per month on payroll growth and a 0.1% boost to the unemployment rate.
"These negative effects fall largely on less experienced workers," Peng wrote.
Since ChatGPT debuted in 2022, industries and occupations with high AI substitution scores have experienced larger declines in employment and increases in unemployment on average, Peng added....
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