LIVE MARKETS-AI uptake remains uneven among US firms, Goldman says
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AI UPTAKE REMAINS UNEVEN AMONG US FIRMS, GOLDMAN SAYS
AI adoption at U.S. firms is broadening with management, information and professional services leading uptake, but the growth is not linear, Goldman Sachs said.
Adoption slipped 0.3 percentage points to 19.5% in May, though firms expect usage to rise to 22.7% over the next six months, Goldman said, citing the Census Bureau's Business Trends and Outlook Survey.
At a subsector level, computing, publishing, and web-hosting firms reported adoption levels at or above 50%, while chemical manufacturers report the largest expected increase in adoption over the next 6 months, Goldman said.
Larger establishments with over 250 employees continue to lead in adoption, though medium-sized firms are quickly catching up in the race, Goldman said.
Goldman said AI's labor-market impact remains "visible but narrow".
While AI may be cutting into jobs in some tech-heavy sectors, its also creating new jobs due to the rising demand of physical infrastructure needed to run AI, that is partially offsetting job losses, they said.
Employment is shrinking by about 11,000 jobs a month in AI-exposed fields such as marketing, graphic design, customer service and technology. By contrast, hiring in data‑center‑linked construction is rising — up 212,000 jobs since 2022 relative to trends in the broader construction sector— and growing by roughly 9,000 jobs a month, Goldman said.
"The correlation between AI adoption and broad labor market slack measures remains limited, but there are early signs of a negative relationship with job growth and hours growth," Goldman strategists said in a note dated May 31.
Industries with higher AI adoption rates are also showing a slight acceleration in productivity growth over the past year according to official U.S. data, Goldman said.
(Kanchana Chakravarty)
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