🏄 AI won’t take our jobs but will cut workload

Microsoft's AI backpack, Rise in AI-Generated SEO Bait content

Author

Marc Csuzi
September 05, 2023

Alright Surfers🏄! 

Gather 'round. We've got a report to break down that talks about whether AI is gonna eat up all our jobs as some predict.

Here’s your one minute of AI news:

ONE PIECE OF NEWS

👷AI won’t take our jobs but it will cut the workload - Well’s Fargo finds

While AI has the potential to automate certain tasks and potentially entire jobs, its impacts on the labor market may not be as severe as previously feared.

A report from Wells Fargo Economics analyzed how past technological revolutions like the internet did not result in widespread unemployment increases, and employment and income continued to rise.

The report acknowledged some jobs will be displaced, but studies on AI's impact have varied substantially. It cited a study from the University of Pennsylvania finding that 80% of workers could have at least 10% of their tasks automated by AI, and 19% could have 50% or more of their jobs replaced.

Source: McKinsey & Company and Wells Fargo Economics

White-collar jobs are likely to face the most exposure to AI technologies. However, exposure is not necessarily interchangeable with displacement risk. Generative AI can complement rather than substitute for many existing jobs by allowing workers to focus on activities that ultimately lead to more and/or higher quality output.

For example: Between 1995 and 2010 the number of ATMs quadrupled in the US, yet bank teller employment actually increased as their work shifted to other tasks, such as relationship banking.

Overall, the labor market has proven resilient to past technology shifts and it probably won’t be any different this time either.

ONE IDEA

The pandemic made remote work possible, AI might make 4-day work weeks a reality.

⌚ If you have one more minute:

  • Microsoft files new AI-powered smart backpack patent. It can hear you and see what you see

  • 'Are AI models doomed to always hallucinate?

  • How Liquid Neural Networks Can Shrink the World of AI

  • Rise in AI-Generated SEO Bait' content worries Y combinator co-founder Paul Graham

AI Art of the day 🎨

Breaking Bad as an elementary school play by ShaneKaiGlenn created with Midjourney. See the whole collection here.

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That’s it folks!

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