"The 'Armageddon narrative' around artificial intelligence 'sits uneasily with both economic theory and the evidence so far' - and they've got 85 years of labor market data to back them up."
"60% of the jobs that exist in the United States today didn't exist in 1940. Data scientists, social media managers, and cloud developers 'barely existed 20 years ago but are now mainstream jobs.'"
"'GenAI will primarily augment rather than replace workers,' the bank writes, with professional and financial services being among the sectors most likely to see this augmentation."
Bank of America's report challenges the doomsday narrative surrounding AI and job loss, citing that 60% of current U.S. jobs didn't exist in 1940. Historical transformations like the Industrial Revolution led to new job creation rather than mass unemployment. While 840 million jobs globally are exposed to generative AI, only 2.3% face genuine automation risk. The report emphasizes that adaptability is key, with AI primarily augmenting roles rather than eliminating them, particularly in high-income economies and among younger, educated workers.
Read at Fortune
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