AI not affecting job market much so far, New York Fed says

By Michael S. Derby

NEW YORK (Reuters) -Rising adoption of artificial intelligence technology by firms in the Federal Reserve’s New York district has not been much of a job-killer so far, the regional Fed bank said in a blog on Thursday.

“Businesses reported a notable increase in AI use over the past year, yet very few firms reported AI-induced layoffs,” New York Fed economists wrote in the blog. “Indeed, for those already employed, our results indicate AI is more likely to result in retraining than job loss, similar to our findings from last year,” and so far the technology does not point to “significant reductions in employment.”

There has been broad concern that AI could create major headwinds for hiring in the coming years, with the technology hitting highly-paid professional and ma