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Discussion Paper

AI and the Labor Market: Will Firms Hire, Fire, or Retrain?


Abstract: The rapid rise in Artificial Intelligence (AI) has the potential to dramatically change the labor market, and indeed possibly even the nature of work itself. However, how firms are adjusting their workforces to accommodate this emerging technology is not yet clear. Our August regional business surveys asked manufacturing and service firms special topical questions about their use of AI, and how it is changing their workforces. Most firms that report expected AI use in the next six months plan to retrain their workforces, with far fewer reporting adjustments to planned headcounts.

Keywords: Artificial intelligence; business surveys; labor market; job training;

JEL Classification: J2; J3;

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Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2024-09-04

Number: 20240904b