"New economic analysis by Goldman Sachs reveals a bifurcated picture of artificial intelligence's (AI) impact on the workforce, finding that while the technology's role in current layoffs remains modest and unproven across the broader economy, companies focusing on AI in their workforce discussions have sharply curtailed their job openings this year. The findings, drawn from an analysis of Q3 corporate earnings commentary and results by senior economist Ronnie Walker, were drawn from management commentary and results across nearly all the S&P 500."
""While we still do not find a relationship between labor market outcomes and AI exposure at the economywide level," Walker wrote, "we find that companies that have discussed AI in the context of their workforce have cut their job openings more sharply this year." Indeed, Walker wrote that most components of Goldman's layoff tracker "increased notably" in recent months. While a minority of the layoffs discussed during third-quarter earnings were attributed to AI,"
Goldman Sachs finds a split impact of AI on employment: no established economywide relationship between AI exposure and overall labor market outcomes, yet firms that mention AI in workforce discussions have pulled back hiring sharply. Components of Goldman's layoff tracker increased notably in recent months, and AI-attributed layoffs rose through 2025 to just above 15% in the quarter. Management teams increasingly view AI, especially after ChatGPT's public release in November 2022, as central to human capital strategy, prompting preemptive reductions in new roles amid a softer U.S. labor market and tepid job growth.
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