Bostic Says AI Disrupting Traditionally Stable High-Skill Jobs and Economic Areas 🤖💼🇺🇸
Bostic Says AI Disrupting Traditionally Stable High-Skill Jobs and Economic Areas
Bostic Says Businesses Are Incorporating AI Into Their Operations But The Effects On Jobs Are Uncertain 🤖💼🇺🇸
Atlanta Federal Reserve President Raphael Bostic said companies are already weaving artificial intelligence into their operations, but the ultimate effect on employment is still uncertain. He warned that the technology is beginning to unsettle occupations long viewed as secure, including several high-skill professions and regional economic pillars. Bostic’s remarks add to mounting evidence that automation is reshaping the U.S. labor market. Goldman Sachs figures show the tech sector’s share of national employment has declined since a November 2022 peak, while the jobless rate for 20- to 30-year-old tech workers has climbed nearly three percentage points since early 2024. Chief Economist Jan Hatzius projects AI could displace 6 %–7 % of all U.S. jobs over the next decade, although he expects the overall unemployment rate to rise only about half a percentage point as workers migrate to other industries. Corporate actions underscore the shift. Microsoft this month cut roughly 9,000 roles—about 4 % of its workforce—after earlier reductions at Amazon’s AWS division and other major firms that cite efficiency gains from generative AI tools. Simultaneously, demand for AI engineers, data-center technicians and systems specialists continues to expand. Business leaders and analysts caution that entry-level positions are particularly exposed. Bill Gates told members of Generation Z that merely embracing AI tools will not secure their careers, and Bloomberg Opinion columnist Conor Sen noted that while early-career roles are contracting, deep expertise is becoming more valuable. The chorus of warnings highlights the need for workers and policymakers to prepare for rapid shifts in skills demand.