Goldman Sachs declared US growth without creating new jobs
Goldman Sachs analysts stated that the USA has entered a phase of so-called growth without job creation. And company productivity grows through AI implementation, but the hiring level hardly changes. Businesses learned to do more with the same people.
And they say this is especially strongly visible in industry, logistics and financial sector. Where companies massively implement process automation tools. As a result, GDP continues to grow, but real employment level outside medicine and education decreases. Economy grows, but new jobs don’t appear.
Federal Reserve head Jerome Powell described the situation as a market with very low turnover: few layoffs, but also few hires. For new specialists this becomes a serious problem. University graduates increasingly can’t find first jobs, especially in administrative and analytical professions where interns were previously taken.
An interesting picture emerges: companies implement technologies, report productivity growth and profit, and young specialists are left behind. Economy on paper flourishes, but for those just starting careers, doors are closed. There’s your bright future of automation.
Autor: AIvengo
For 5 years I have been working with machine learning and artificial intelligence. And this field never ceases to amaze, inspire and interest me.
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