AI Already Took 3 Million Jobs

Jack Bowman9.36K FollowersFollow5ShareSavePlay(7min)Comments(2)SummaryI suspect AI's impact on labor is primarily in preventing new white-collar jobs, not causing direct layoffs.FIIPB sectors (finance, insurance, information, professional, and business services) are 3 million jobs below the pre-pandemic trend, largely due to AI adoption.Youth unemployment remains historically elevated, with bachelor's degree holders now facing higher jobless rates than associate's degree holders. A flip never seen before.Healthcare still dominates job creation, reflecting a shift toward a 'maintenance economy' as manufacturing and retail decline. High-level jobs reports are positive because of healthcare, masking deeper pains. Julia Garan/iStock via Getty Images I discuss the job market regularly, and with that comes discourse about what AI's effects are on labor. This is a very complicated story, one that doesn't have a clear answer yet. My current stance has been that jobs actuallyThis article was written byJack Bowman9.36K FollowersFollowWriter | Investment Advisor | Economics Wonk | Top 5% on TipRanks | Long Signal, Short Noise | Author of The Macro Obsession, a weekly newsletter on current events and trends in finance, tech, and the real economy. My work focuses on my quest to uncover narrative trends before mainstream financial media, a process I've been describing as the hunt for information alpha. It is chart-heavy, macro-oriented, and data-driven.I invest across securities and asset classes. My focus has largely been on ETF investing, and I am known as a macro analyst, though I do cover stocks that I am personally trading or considering for my portfolio. These are typically technology and next-gen energy stocks or large caps with a juicy story.“Successful investing requires holding uncomfortably idiosyncratic positions.” — Howard Marks, paraphrasing David Swensen “History does not repeat, it instructs.” — Timothy Snyder, On TyrannyAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.