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AI’s Impact on Job Growth | J.P. Morgan Global Research
AI is poised to displace jobs, with some industries more at risk than others. Is the paradigm shift already underway?
“While firms may also have been retrenching after their post-COVID hiring, the rise of large language models (LLMs) produced a product that automated some of their labor via code assistance, while at the same time reshaping their business strategy,” Feroli noted. “We think that during the next recession, the speed and breadth of the adoption of AI tools and applications in the workplace might induce a large-scale displacement for occupations that consist of primarily non-routine cognitive tasks,” Tasci said. Throughout the downturns over the following decades, it took increasingly longer for these occupations to bounce back from recession-induced job losses, each time resulting in a jobless recovery — an economic situation in which the overall economy improves but payrolls grow only slowly.
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