Productivity soars in sectors of global economy most exposed to AI, says report

productivity soars in sectors of global economy most exposed to ai, says report

PwC says AI has been having an impact on the jobs market for more than a decade. Photograph: Dado Ruvić/Reuters

The sectors of the global economy most heavily exposed to artificial intelligence (AI) are witnessing a marked productivity increase and command a significant wage premium, according to a report.

Boosting hopes that AI might help lift the global economy out of a 15-year, low-growth trough, a PwC study found productivity growth was almost five times as rapid in parts of the economy where AI penetration was highest than in less exposed sectors.

PwC said that in the UK, one of the 15 countries covered by the report, job postings that require AI skills were growing 3.6 times faster relative to all job listings.

On average, UK employers were willing to pay a 14% wage premium for jobs that require AI skills, with the legal and information technology sectors experiencing the highest premiums. The uptick in productivity in sectors more exposed to AI – such as financial services, information technology, and professional services – was marginally higher in the UK than the global average.

Since the launch of ChatGPT in late 2022 there has been much debate about the employment implications of the new era of smart machines but PwC said AI had been having an impact on the jobs market for more than a decade. From a low base, postings for specialist AI jobs were seven times higher than in 2012, compared with a doubling for all other jobs.

PwC’s 2024 global AI jobs barometer found that companies were currently using AI as a solution to a lack of available workers.

“This could be good news for many nations facing shrinking working age populations and vast unmet needs for labour in many sectors,” it said. “AI can help to ensure that the labour supply is available for the economy to reach its full potential.”

The report said the fact that employment in AI-exposed occupations was still growing suggested that the arrival of generative AI did not herald an era of job losses. One study, from the left-of-centre Institute for Public Policy Research thinktank, has predicted that up to 8m posts could go in the UK in a jobs “apocalypse” within the next few years.

Barret Kupelian, the chief economist at PwC UK, said: “Our findings show that AI has the power to create new industries, transform the jobs market and potentially push up productivity growth rates. In terms of the economic impact, we are only seeing the tip of the iceberg – currently, our findings suggest that the adoption of AI is concentrated in a few sectors of the economy, but once the technology improves and diffuses across other sectors of the economy, the future potential could be transformative.”

OTHER NEWS

16 minutes ago

Leicester close to appointing Graham Potter as new manager to replace Enzo Maresca

16 minutes ago

Another Dealer Is Selling a Suzuki Jimny With a ‘Legal’ Oklahoma Title

16 minutes ago

Weed Recall Map Shows Urgent Warning for Dozens of Stores

16 minutes ago

Over-the-counter supplement found to improve walking for peripheral artery disease patients

16 minutes ago

Elon Musk selects Memphis for ‘world’s largest’ supercomputer site

16 minutes ago

Panthers 2024 training camp reporting dates announced

16 minutes ago

Labour: There'd be billions for public services with Labour

16 minutes ago

The Smartest TSX ETF to Buy With $1,000 Right Now

16 minutes ago

MK Party tells IEC ‘clear evidence’ shows the election results were not free and fair

16 minutes ago

The Ontario Pharmacist Association is urging policy change when it comes to schedule 2 vaccines for seniors

16 minutes ago

Costa Coffee confirms huge change to stores as it reopens site after refurbishment

16 minutes ago

Sir Ian McKellen’s West End play cancelled until Thursday after fall

16 minutes ago

Woman mortified after receiving message from school mum about her daughter - in error

16 minutes ago

Ben Earl named vice-captain as England go full strength for Japan trip

16 minutes ago

Nvidia just passed Microsoft and is now the most valuable company in the world

16 minutes ago

Rassie Erasmus: ‘Vital’ box the Springboks must tick to claim World Cup three-peat

16 minutes ago

Phil Foden makes Jude Bellingham admission after failing to shine in England win

16 minutes ago

RFK Jr. is right — paper ballots will restore faith in our elections

16 minutes ago

It’s vile that girls are followed by men on social media — but why do parents let them be influencers?

21 minutes ago

Let’s talk about it: Dad jokes

21 minutes ago

Club Q shooter pleads guilty to 50 federal hate crimes

21 minutes ago

Suspect arrested in apparent random stabbing outside CNBC headquarters

23 minutes ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

23 minutes ago

Ecuador stops waiving visas for Chinese nationals because of an increase in irregular migration

23 minutes ago

Ex NFL coach Bill Belichick, 72, reportedly dating former cheerleader Jordon Hudson, 24

23 minutes ago

Austin Butler says he was too nervous to get high with Snoop Dog while meeting Robert De Niro

23 minutes ago

Patience key as attacking Croatia seek first Euro 2024 points

23 minutes ago

Nintendo surprises fans by announcing new 'Zelda' game

23 minutes ago

Battling Georgia win hearts but no points in Euro debut

23 minutes ago

2024 Fantasy Football Draft Prep: New England Patriots player outlooks, schedule, depth chart and more to know

23 minutes ago

2024 Travelers Championship fantasy golf rankings, picks, strategy: Back Brian Harman, avoid Collin Morikawa

23 minutes ago

Beiersdorf: gaining share in shrinking China luxury skin care market

23 minutes ago

Predicting the winner of the Raiders quarterback competition

23 minutes ago

Caregivers' perceived age affects wellbeing of dementia patients

23 minutes ago

He's like Stones: Spurs hold talks to sign "monster" Romero replacement

23 minutes ago

Royal Ascot trainers cut social media engagement over 'appalling' abuse

23 minutes ago

Ian Rapoport: 49ers do want Brandon Aiyuk, contract talks not dead

23 minutes ago

Premier League 2024/25 fixtures in full as 20 top-flight clubs discover schedules

23 minutes ago

Video: Illegal immigrant 'rapist' is pictured tied to lamp post and beaten up 'after sexually assaulting girl aged 13 in NYC park'

23 minutes ago

Video: Shannen Doherty, 53, thinks her father's frequent illnesses made her fear being abandoned and in a way led to her three divorces