JP MORGAN CHASE(US:JPM)2025-07-21 14:26Summary of the Conference Call on AI's Effect on Job Growth Industry Overview - The discussion centers around the impact of Artificial Intelligence (AI) on job growth, particularly in the United States, with a focus on white-collar employment and knowledge worker jobs [2][3]. Core Insights and Arguments - AI's Current Impact on Employment: There is little evidence that AI has significantly affected job growth outside of technology sectors. Job growth among white-collar jobs has been slow, and unemployment rates among college graduates have increased, suggesting that AI may be taking knowledge jobs [2][3][10]. - Industry-Level Analysis: The analysis indicates a mild negative correlation between AI intensity and job growth across various industries. However, this correlation is sensitive to the inclusion of technology industries, which may skew results [12][22]. - AI Usage Measurement: The study uses several proxies to measure AI usage across industries, including the share of firms reporting AI usage and task exposure to AI. These measures are noted to be imperfect [6][7][8]. - Productivity vs. Employment: While AI could potentially improve productivity and lower costs, leading to increased hiring, the current evidence does not strongly support a link between AI usage and productivity changes [5][27]. - Sector-Specific Findings: In professional and business services, there is a negative relationship between AI usage and employment growth. The computer systems design industry is highlighted as a significant outlier in this trend [22][25]. Additional Important Insights - Limited AI Adoption: As of mid-2025, less than 10% of firms across the economy report regular AI usage, with only about 20% in professional, scientific, and technical services. This suggests that AI's integration into business practices is still in its early stages [27]. - Recent Trends Post-ChatGPT: Employment in key technology industries, such as cloud providers and web search, ceased to grow after the release of ChatGPT, indicating a potential shift in hiring strategies due to AI advancements [16][21]. - Future Implications: The findings suggest that while AI has the potential to reshape employment landscapes, its current impact may be limited due to the nascent stage of its adoption across various sectors [27]. This summary encapsulates the key points discussed in the conference call regarding the implications of AI on job growth, highlighting both the current state and potential future trends in the labor market.