AI Adoption Weighs on Labor Markets Across Developed Economies
Goldman Sachs has analyzed how artificial intelligence is impacting labor markets across major developed economies. According to its research, industries heavily exposed to AI automation have seen slower job openings growth since mid-2022.
The Wall Street investment bank found that employment in information and communication services, one of the most affected sectors, has slowed down significantly in nearly all major developed economies since 2022.
However, outside the US, employment in these industries remains near or above its long-run trend. In contrast, highly AI-exposed industries like call centers, software publishing, management consulting, and advertising have seen a sharp decline in employment across developed markets.
Call centers stand out particularly, with employment levels 39% lower than historical trends in the US, 33% lower in Canada, and 27% lower in Germany. Goldman's analysis suggests that AI-related employment pressures are already visible in industries where automation tools are available.
The effects of AI on labor markets appear to be more pronounced for entry-level workers, with a 10% occupational exposure to AI associated with a significant drag on annual headcount growth. In France, Canada, and the US, this impact ranged from 0.1 percentage point in the case of all occupations to over 0.6 percentage points for entry-level workers.
The study found that major developed markets have AI adoption rates ranging from 15% to 20%. The leading countries in terms of AI adoption are France, the US, the Netherlands, and the UK, while Italy, Japan, and New Zealand lag behind.