Well, generative AI and ChatGPT have just been made widely available for a few years, how much damage can it have done in such a short amount of time?
So, we've got an economy in recovery, immigrants out the wazoo, and now we've got robots taking away a whopping 13% of jobs that could have gone to young people.
The generation who used A.I. to skirt their way through college has just graduated to see A.I. take their jobs.
The study analyzed payroll records from millions of American workers, generated by ADP, the largest payroll software firm in the U.S.
The report found 'early, large-scale evidence consistent with the hypothesis that the AI revolution is beginning to have a significant and disproportionate impact on entry-level workers in the American labor market.'
Most notably, the findings revealed that workers between the ages of 22 and 25 in jobs most exposed to AI — such as customer service, accounting and software development — have seen a 13% decline in employment since 2022.
And this is while A.I is still in its infancy. Before it is totally widespread in the industries looked at above.
Young people entering the workforce are seeing ChatGPT replace them.
We covered this in relation to computer science particularly a few weeks back.
But these numbers from Stanford document the facts that more than 1 in 8 jobs in fields that can be done by A.I. are now completely gone. A.I. is replacing humans at a rate we didn't imagine possible.
According to the Stanford study, their findings may explain why national employment growth for young workers has been stagnant, while overall employment has largely remained resilient since the global pandemic, despite recent signs of softening.
Young workers were said to be especially vulnerable because AI can replace 'codified knowledge,' or 'book-learning' that comes from formal education. On the other hand, AI may be less capable of replacing knowledge that comes from years of experience.
The study showed that trade skills, healthcare, and other work that has to be done by a human -at least in 2025 - is growing steadily. But coding jobs, accounting, and even customer service jobs are going the way of the dodo bird.
And the outlook for many is bleak.
Earlier this month, a Goldman Sachs economist said changes to the American labor market brought on by the arrival of generative AI were already showing up in employment data, particularly in the technology sector and among younger employees.
He also noted that most companies were yet to deploy artificial intelligence for day-to-day use, meaning that the job market impact had yet to be fully realized.
Once the tech is widely adopted, many are going to ask the question of whether or not the Luddites were right.
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