Deming, Ong and Summers have a very good overview of long-run and really current modifications within the US labor market. Utilizing a measure of occupational titles the authors discover:
The years spanning 1990-2017 had been essentially the most secure interval within the historical past of the US labor market, going again practically 150 years.
It’s a bit too early to differentiate an AI revolution from a COVID shock however the final 4 years look to be extra disruptive than any because the Seventies and over a barely longer interval there are developments together with a decline in retail, as customers shift to on-line buying and supply, and a decline in workplace work, the latter particularly suggesting an AI impact:
There have been 850,000 fewer retail gross sales employees within the US in 2023 in comparison with 2013 although the US economic system added greater than 19 million jobs over this era.
There are practically 5 hundred thousand fewer secretaries and administrative assistants within the US labor pressure now than there have been a decade in the past. On the identical time, administration and enterprise occupations have grown very quickly. There have been 4 million extra managers and three.5 million extra enterprise and monetary operations jobs within the US in 2023 than there have been in 2013.
Remember that these modifications are occurring as employment and wages total are rising.
The publish Technological Disruption within the US Labor Market appeared first on Marginal REVOLUTION.
