New York Fed Survey Reveals AI is More Likely to Spur Retraining Than Layoffs: A recent survey by the New York Federal Reserve offers a nuanced look at AI’s impact on the job market. The findings show that while a notable number of firms have adopted AI in the past year, very few have reported AI-induced layoffs. In fact, for workers who are already employed, the survey suggests that AI is more likely to result in retraining than job loss.
New York Fed Survey Reveals AI is More Likely to Spur Retraining Than Layoffs
New York Fed Survey Reveals AI is More Likely to Spur Retraining Than Layoffs: However, the survey also reveals a more complex picture for hiring. Some firms are scaling back new hires due to AI, particularly for jobs that require a college degree. This trend could be contributing to recent college graduates struggling to find jobs. At the same time, many businesses are actively hiring new employees who are proficient in using AI tools, and a large share of firms—over a third of service firms and 14% of manufacturing firms—are retraining their existing workforces.