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AI and the Labor Market: Will Firms Hire, Fire, or Retrain?

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Abstract

The rapid rise in Artificial Intelligence (AI) has the potential to dramatically change the labor market, and indeed possibly even the nature of work itself. However, how firms are adjusting their workforces to accommodate this emerging technology is not yet clear. Our August regional business surveys asked manufacturing and service firms special topical questions about their use of AI, and how it is changing their workforces. Most firms that report expected AI use in the next six months plan to retrain their workforces, with far fewer reporting adjustments to planned headcounts.

Suggested Citation

  • Jaison R. Abel & Richard Deitz & Natalia Emanuel & Benjamin Hyman, 2024. "AI and the Labor Market: Will Firms Hire, Fire, or Retrain?," Liberty Street Economics 20240904b, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:98765
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    File URL: https://libertystreeteconomics.newyorkfed.org/2024/09/ai-and-the-labor-market-will-firms-hire-fire-or-retrain/
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    More about this item

    Keywords

    Artificial intelligence; business surveys; labor market; job training;
    All these keywords.

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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