In Briggs’ base case, the timeline for firms to adopt AI on a wide scale is around 10 years, and 6-7% of workers will be displaced during that transition period. The question, he says, is: How quickly will this transition occur? If it takes place over a decade, Goldman Sachs Research expects to see a 0.6 percentage point increase in the unemployment rate. “But if it’s more frontloaded, the impacts on the economy are much larger,” Briggs says.
Apart from tech workers, others in the knowledge and creative sectors, such as management consultants, call center workers, and graphic designers, have also seen some displacement of their labor by AI, but these are relatively small parts of the overall job market. As yet, no significant AI-led changes in the employment mix across the whole US economy have shown up in labor data.
Going forward, though, Briggs expects AI to have a much larger impact on labor. Globally, around 300 million jobs are exposed to AI automation. In the US, AI can potentially automate tasks that account for 25% of all work hours, Briggs’ team finds
jfresh21 on
It’s going to impact all labor markets. I look around my 120 person team, we will need 60 to do the same output soon.
Actual-Run8476 on
The US is just becoming an ever more efficient money funnel straight to the rich.
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From the article
In Briggs’ base case, the timeline for firms to adopt AI on a wide scale is around 10 years, and 6-7% of workers will be displaced during that transition period. The question, he says, is: How quickly will this transition occur? If it takes place over a decade, Goldman Sachs Research expects to see a 0.6 percentage point increase in the unemployment rate. “But if it’s more frontloaded, the impacts on the economy are much larger,” Briggs says.
Apart from tech workers, others in the knowledge and creative sectors, such as management consultants, call center workers, and graphic designers, have also seen some displacement of their labor by AI, but these are relatively small parts of the overall job market. As yet, no significant AI-led changes in the employment mix across the whole US economy have shown up in labor data.
Going forward, though, Briggs expects AI to have a much larger impact on labor. Globally, around 300 million jobs are exposed to AI automation. In the US, AI can potentially automate tasks that account for 25% of all work hours, Briggs’ team finds
It’s going to impact all labor markets. I look around my 120 person team, we will need 60 to do the same output soon.
The US is just becoming an ever more efficient money funnel straight to the rich.