There is good and bad news about AI disruption in the labor market. It’s still barely discernible as a trend with the technology responsible for adding around only 15 basis points to the overall unemployment rate. But, that figure has risen from 10 basis points last December, and the displacement effect is most pronounced among young people.
These findings were highlighted in a report published Monday by a team of economists from Morgan Stanley, led by Diego Anzoategui. He observes that since 2023, just after the original launch of ChatGPT, unemployment has increased most notably in those industries that are exposed to AI.
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