Goldman Sachs reports that artificial intelligence is beginning to impact labor markets across major developed economies.
Goldman Sachs reports that artificial intelligence is starting to weigh on labor markets across major developed economies, with effects varying by industry and seniority. The investment bank found that industries with high exposure to a high risk of displacement from AI automation have seen slower job openings growth since the second half of 2022, particularly in Germany, Australia, and the United States. Employment in call centers, software publishing, and management consulting has fallen sharply below historical trends globally. The report highlights that AI-related pressures are most pronounced for entry-level workers, who face stronger headwinds than more senior positions. While the impact is currently limited to a narrow set of industries, the data indicates that AI-related hiring pressures are clearly visible in global employment data as adoption rates reach 15% to 20% in major developed markets.