Bit by the big bad robot bug? 🤖 We’ve got some happy human news for you. 🗞️💁🏻 A Business Insider write-up on recent data from the Federal Reserve Bank of Dallas hints that AI hasn’t caused the big wave of layoffs many feared.
The research looked at wages and hiring in AI-heavy industries. So far, the data shows the technology may be shifting career paths instead of wiping out jobs. Let’s have a look-see! 👀
Here’s Five Fast Facts on AI and jobs:
- 📈 Booming Bots - Even with AI booming, the overall job market hasn’t shrunk. Since ChatGPT hit the scene in late 2022, U.S. employment has grown about 2.5%, but jobs in the industries most exposed to AI have dropped about 1%.
- 💸 The Wage Gauge - Paychecks are also moving in the opposite direction of what some expected. Average weekly wages in the U.S. have gone up about 7.5% since fall 2022, and wages in the industries most exposed to AI have grown even faster at 8.5%. This could mean AI is reshaping jobs instead of just replacing workers.
- 🎒 Getting Schooled - One big takeaway is the difference between what people learn in school and what they learn from doing the job. In industries most exposed to AI, workers with hands-on experience tend to earn higher pay than those who are just starting out.
- 🦾 Old & Bold - It might seem crazy, but younger workers could face the biggest challenges in AI-heavy industries. Jobs that require less hands-on experience have seen slower wage growth and employment among workers under 25 has declined. Older workers with more experience appear to be impacted less.
- 😵💫 Glitching Out - Of course, the doomsday predictions about AI haven’t gone anywhere. Some analysts say the tech could eventually wipe out tons of entry-level office jobs and send the job market into chaos. Even people building AI say fields like customer service, science and software development could soon be heavily automated.
🔥Bottom line: See, AI isn’t all doom and gloom! Plus, ChatGPT is great for ego boosts on days when we’re feeling extra dumb. Speaking of new tech, if your computer’s on the fritz, getting a new one might give you a headache (or heart attack). There’s a big reason why you could be paying big bucks for a replacement. Head over to this article for a full report!
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