Artificial intelligence is creating jobs, although it could cut wages, researchers from the European Central Bank conclude in a recently published paper. They found that occupations most exposed to AI-enabled technologies increased their employment share across 16 European countries. Contrary to previous automation waves, this holds especially true for high-skilled jobs, which were thought to be most at risk. Medium and low-skill jobs appear safe too, as “AI exposure doesn’t seem to shake things up significantly.” The effect of AI on wages is clear, with evidence currently suggesting a slightly negative impact.
The researchers stress that their findings shouldn’t be cited as definitive evidence that AI has a destructive effect on the labor market. “These results don’t amount to an acquittal: AI-enabled technologies continue to be developed and adopted. Most of their impact on employment and wages – and therefore on growth and equality – has yet to be seen,” the paper reads.
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