AI-driven automation wiping out over 10,000 U.S. jobs each month, analysts warn
Analysts say AI is eliminating more than 10,000 jobs per month in the United States, putting up to 9% of workers at risk of displacement.
Pantheon Macroeconomics analysts Samuel Tombs and Oliver Allen have quantified AI's impact on employment, finding that the United States is shedding more than 10,000 positions each month, with declines concentrated in accounting, advertising, office admin and legal services. Goldman Sachs' Joseph Briggs agrees that despite a lull in media alarm, recent labor statistics reveal AI-related hiring pressures and that a baseline 15% productivity increase could temporarily push roughly 9% of workers out of jobs.
Construction employment has risen as tech firms build data centers, but the net effect remains negative. The analysis appears amid a market downturn driven by AI worries, oil price spikes and European fiscal strains, with tech stocks such as CoreWeave and Meta falling sharply. Economists caution that a recession could amplify the displacement, underscoring the broader economic stakes of the AI transition.
Why it matters
AI-driven job losses could reshape the labor market and affect economic stability for millions of workers.
How this story developed
- Oct 15 CoreWeave stock and bonds tumble as AI borrowing concerns intensify
- Oct 18 CoreWeave’s bond yields rose above 16 % and default‑insurance costs jumped to about 1,000 basis points.
- Oct 21 A New Mexico judge awarded the state $25 billion after a jury found Meta misled users about a massive data breach.
- Oct 22 Meta announced it will appeal the New Mexico judgment.
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