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Title: AI Not Affecting Job Market Much So Far, New York Fed Says

Link: https://news.slashdot.org/story/25/09/04/1682...

Rising adoption of AI technology by firms in the Federal Reserve's New York
district has not been much of a job-killer so far, the regional Fed bank said
in a blog on Thursday. Reuters: "Businesses reported a notable increase in AI
use over the past year, yet very few firms reported AI-induced layoffs," New
York Fed economists wrote in the blog. "Indeed, for those already employed,
our results indicate AI is more likely to result in retraining than job loss,
similar to our findings from last year," and so far the technology does not
point to "significant reductions in employment." There has been broad concern
that AI could create major headwinds for hiring in the coming years, with the
technology hitting highly-paid professional and managerial jobs the hardest.
Investors are plowing cash into AI investments at a time when employment has
already begun to show some softness, although job market changes related to
AI will almost certainly play out over a long time horizon. The New York Fed
blog noted that the modest impact on jobs so far may not hold in the future.
"Looking ahead, firms anticipate more significant layoffs and scaled-back
hiring as they continue to integrate AI into their operations," New York Fed
researchers wrote.

Read more of this story at Slashdot.

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