🐙 After AI, where will the jobs come from?

In my commentary this week, I look at the insightful research note from Goldman Sachs, titled “The Potentially Large Effect of Artificial Intelligence on Economic Growth”, in which the authors explore the labour market's future.¹

The study posits that global productivity could see an impressive uptick, ultimately boosting global GDP by 7%. In the U.S., economic growth could leap from the anaemic range of 1% to 1.5% to a more robust 2.5% to 3%, reminiscent of the booming 1950s and 60s.

The research highlights that AI automation affects two-thirds of U.S. occupations to varying degrees. A significant portion of these jobs could see substantial replacement due to automation. The researchers propose that jobs with 50% or more of their tasks automated are at risk, while those with 10-49% automation will see AI complement human efforts.