Unemployment rates among Gen Z workers in the tech sector have risen by approximately 3% since the beginning of the year, indicating a substantial rise compared to the broader tech sector and other young workers. AI is expected to have a major impact on the workforce, with estimates suggesting it could displace about 6-7% of jobs overall. Although current AI adoption remains low, tech giants have begun laying off thousands of workers in response to shifting investments toward AI technologies, disrupting long-term job growth in the industry.
The unemployment rate for young people between 20 to 30 years old in the tech sector has increased by about 3% since the beginning of the year, according to Joseph Briggs, senior global economist of Goldman Sachs' research division.
AI adoption in the workplace so far has been modest: About 9% of companies have used the technology regularly for the production of goods or services in the past two weeks.
Employment in the tech sector has dipped in the last few years, coinciding with the release of OpenAI's ChatGPT - disrupting more than 20 years of consistent job growth in the industry.
The proliferation of AI adoption is bound to have an outsized impact on the tech industry, with Microsoft, Google, Meta, and other tech giants laying off a nearly 30,000 workers collectively.
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