Not today, AI: Despite corporate hype, few signs that the tech is taking jobs — yet

The job market has begun looking shakier.

The job market has begun looking shakier. How much is artificial intelligence to blame?

Not a whole lot. At least not yet.

A review of employment surveys, interviews with labor market analysts and recent company earnings reports shows little evidence, so far, that would support assertions of a widespread economic impact from AI’s growing usage.

“It’s such an emotional thing for people, many of whom are determined to see it in the data,” said Martha Gimbel, executive director and co-founder of the Budget Lab at Yale University and a former President Joe Biden economic adviser. “And it’s just not there yet.”

Much is riding on the payoff from AI. The stock market has been hitting record highs largely thanks to gains from tech giants like Nvidia, Google parent Alphabet, Facebook parent Meta and Microsoft, which have made enormous investments in pumping out AI-related products.