AI productivity gains in US are real but narrow; wider job losses may wait for recession, Goldman Sachs research suggests
Key points
- Output per worker in information, professional services and finance has grown about 5% a year since late 2022, versus 2.2% in 2005–2022
- Output per worker in the rest of the private economy rose from 0.9% to 1.4%
- These three sectors produce roughly a quarter of US private output; Goldman Sachs research suggests wider job losses tend to come during a recession
EPB Research founder Eric Basmajian, using data from the Bureau of Economic Analysis (BEA) and the Bureau of Labor Statistics (BLS), found that output per worker in information, professional services and finance has grown about 5% a year since late 2022, versus 2.2% in 2005–2022. The rest of the private economy moved from 0.9% to 1.4%. These three sectors produce roughly a quarter of US private output. Goldman Sachs research suggests the wider job shakeout tends to wait for a recession.
Original report: Human Resources Director ↗Edited with AI assistance. Facts are based on official sources and original reports.