Dallas Fed research confirms GenAI is actively displacing medical, legal, accounting, and coding workers, with recent college graduates disproportionately impacted. AI-driven job losses could push U.S. unemployment from 4% to 10%, matching Great Recession peaks and displacing roughly 10 million workers. Our analysts combed the entire stock market and named the ten best stocks to buy right now.
Enter your email and see if any of your stocks made the cut. Will AI take jobs, or is the claim just a mirage? New data from the Federal Reserve Bank of Dallas shows that AI as a human replacement has started and is accelerating.
The jobs being taken match many forecasts of vulnerable sectors. The information also indicates the job destruction will spread. In a new research paper titled "Job postings show early signs of AI automation impact," the authors report, "A new analysis, using data from millions of online job postings, shows GenAI is reshaping labor demand in Texas." The research began measuring data in 2022, around the time ChatGPT was released.
The researchers filtered out other downsizing reasons, as well as company departures or arrivals in the region. The data focused on automatable jobs that GenAI can replace. The medical field was affected primarily because of technical jobs that involved evaluating and moving records.
What was the ultimate measure across all industries? "The measure maps job tasks in the O*NET database—a comprehensive list of approximately 1,000 common occupations in the U.S. economy and the tasks they perform—to tasks performed using Anthropic's Claude platform, a leading AI assistant and family of large language models." (O*NET is a job management tool) Jobs that AI could do and that could be affected made up about 2.6% of the workforce. The data came partially from job postings.
Did Any of Your Stocks Make the Top 10 List? It is an uncomfortable question, and there is now an answer to it. 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies.
Extract — continue reading at the source.
