[New York Fed Survey: The Impact of Artificial Intelligence on Employment is Minimal] The New York Fed survey shows that the adoption rate of artificial intelligence among surveyed companies is rising, but so far its impact on employment is minimal. Over the past year, 40% of service companies and 26% of manufacturing companies have used AI, up from 25% and 16% previously. Most companies reported that they chose to retrain employees rather than lay them off. Looking ahead, nearly half of service companies and a third of manufacturers plan to adopt AI soon. However, the New York Fed warns that future integration may lead to more layoffs and reduced hiring, especially in high-paying positions.
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New York Fed Survey: The Impact of Artificial Intelligence on Employment is Minimal
[New York Fed Survey: The Impact of Artificial Intelligence on Employment is Minimal] The New York Fed survey shows that the adoption rate of artificial intelligence among surveyed companies is rising, but so far its impact on employment is minimal. Over the past year, 40% of service companies and 26% of manufacturing companies have used AI, up from 25% and 16% previously. Most companies reported that they chose to retrain employees rather than lay them off. Looking ahead, nearly half of service companies and a third of manufacturers plan to adopt AI soon. However, the New York Fed warns that future integration may lead to more layoffs and reduced hiring, especially in high-paying positions.