Goldman studied where AI is squeezing labor markets. Here's what it found

Artificial intelligence is starting to weigh on labor market across major developed economies, with effects varying across industries and seniority levels, according to Goldman Sachs.

The Wall Street investment bank found in its research that industries with greater exposure to AI automation have generally seen slower job openings growth since the second half of 2022, with the relationship particularly pronounced in Germany, Australia and the U.S.

Goldman said in its report published Wednesday that employment in information and communication services, among the industries most exposed to AI, has slowed across nearly all major developed economies since 2022.

However, employment in these industries remains near or above its long-run trend outside the U.S.

Looking more closely at highly AI-exposed industries, Goldman found a similar, though generally more muted, pattern of employment headwinds across other developed markets.

Employment in call centers, software publishing, management consulting and advertising has fallen sharply below its historical trend across developed markets, Goldman said.

Call centers stand out in particular. Employment in the industry is now below trend in the U.S., 39% lower, Canada, down 33%, and Germany 27% below trend, according to the report. Goldman said the pattern indicates that AI-related employment pressures are already visible in industries where tools capable of automating work are available.

The effects appear to be more pronounced for those looking to start their careers.