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AI is already impacting the labor market, starting with young tech workers, Goldman economist says

1. Goldman Sachs economist notes AI impacts labor market changes. 2. Tech sector shows hiring pullbacks; young workers severely affected. 3. Unemployment for tech workers aged 20-30 rose by 3%. 4. 6-7% of all jobs may be automated by AI over time. 5. AI could deepen labor market displacement if adoption accelerates.

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FAQ

Why Neutral?

While AI threats exist, the overall job market impact remains limited currently, similar to past worries over automation that have not significantly affected GS's market position historically.

How important is it?

The discussion on AI's impact on employment could indirectly affect Goldman Sachs's consulting revenues as companies reassess labor needs and AI integration.

Why Long Term?

The potential for AI-induced job losses may become more pronounced as adoption accelerates, reflecting changes over decades rather than immediate impacts.

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