Fears that millions would lose their jobs because of artificial intelligence, or AI, have, for now, been proven wrong. Rather than the widespread job losses feared because of AI, the technology has instead sparked a huge wave of new job creation, or “jobs boom,” around the world.
Recent data from the United States shows the country’s unemployment rate now stands at just 4.1%, among the lowest in the past 50 years. Far more people than expected are landing new jobs. While AI has cost roughly 200,000 people their jobs by automating routine tasks in customer service and offices, the number of new jobs created far exceeds that figure.
The Economist reports that AI has created about 1 million new jobs in the United States. Demand for civil engineers, electricians and technicians has surged as data centers are built and power supply is expanded, while demand for software developers, data scientists and technology specialists has also soared.
Economists say that while AI has eliminated some routine, older jobs, keeping the technology running and managing it requires even more people. As a result, rather than destroying jobs, AI technology is currently playing a major role in creating new employment.