Discussion Paper

Automation and AI: What Does Adoption Look Like for Fifth District Businesses?

Abstract: Technological developments shift the kinds of skills needed in the labor force. From innovations in agriculture to electricity to the personal computer to the internet, technology has shaped the way we work and the types of workers we need to produce the goods and provide the services that consumers demand. The tight labor market of the last few years has provided employers with further incentive to find ways to use automation to increase the productivity of existing workers and even reduce the need to hire more. The opportunities of artificial intelligence (AI), particularly generative AI, are potentially even more widespread.

Keywords: artificial intelligence; 5th district; production and investment;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2024-06-27