"Whether or not AI is actually taking those jobs is another question. Real-world performance of the software remains dreadful, leading to a number of automation disasters - in fact, data shows that AI rollouts is now plummeting across major companies. There's also ample reason to believe that businesses executives are using AI as cover for otherwise typical outsourcing and downsizing strategies."
"Muddying the waters even further is US Federal Reserve chair Jerome Powell, who said at the conclusion of the Fed's September meeting that he believes AI is effecting the labor force - at least to some degree. "I think my view, which is also a bit of a guess, but widely shared, I think, is that you are seeing some effects but it's not the main thing driving it," he said, with a dizzying number of qualifiers."
"Powell said his take is that AI is making the job market more challenging for recent college grads, though he was wishy-washy on how significant its impact really is. "It may be that companies or other institutions that have been hiring younger people right out of college are able to use AI more than they had in the past," the Fed chair said. "That may be part of the story. It's also part of the story, though, that job creation more broadly has slowed down.""
Preliminary data indicates some job-market disruption for young workers in fields vulnerable to current AI capabilities. Real-world AI performance remains poor, causing automation failures and prompting a sharp decline in AI rollout efforts across major companies. Business executives sometimes use AI adoption as cover for routine outsourcing and downsizing. AI automation effects occupy a gray area between tech PR hype and weak labor-market conditions. The U.S. Federal Reserve indicates that AI is affecting the labor force to some degree and may be making hiring of recent college graduates more challenging amid slower overall job creation.
Read at Futurism
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