From today’s CNBC News:
Changes to the American labor market brought on by the arrival of generative AI are already showing up in employment data, according to a Goldman Sachs economist.
Most companies have yet to deploy artificial intelligence in production cases, meaning that the overall job market hasn’t yet been significantly impacted by AI, said Joseph Briggs, senior global economist of Goldman’s research division, in a podcast episode shared first with CNBC.
But there are already signs of a hiring pullback in the technology sector, hitting younger employees there the hardest, Briggs said.
“If you look at the tech sector’s employment trends, they’ve been basically growing as a share of overall employment in a remarkably linear manner for the last 20 years,” Briggs said on the episode of “Goldman Sachs Exchanges” to be aired Tuesday.
“Over the last three years, we’ve actually seen a pullback in tech hiring that has led it to undershoot its trend,” he said.
Since its November 2022 release, OpenAI’s ChatGPT has fueled the rise of the world’s most valuable company, Nvidia, and forced entire industries to contend with its implications. Generative AI models are quickly becoming adept at handling many routine tasks, and some experts say they are already on par with human software engineers, for instance.
That has sparked concerns that while automation will make companies more productive and enrich shareholders, swaths of the job market could be impacted in the coming years.
Read the complete story here.