New York Fed Reports Rise in AI Adoption, Few Layoffs
(MENAFN) The Federal Reserve Bank of New York has released new findings showing a notable rise in artificial intelligence (AI) adoption, though few companies have resorted to AI-driven layoffs.
The New York Fed conducted a study to assess AI's impact on employment, surveying businesses across New York and Northern New Jersey about their AI usage and workforce changes.
The results revealed a sharp increase in AI integration, with a minimal correlation to job cuts. In the service sector, AI adoption jumped to 40% this year, up from 25% in the previous year. Furthermore, 44% of service companies plan to implement AI within the next six months.
The manufacturing sector also experienced a rise, with AI usage climbing from 16% last year to 26% this year. About a third of manufacturing firms indicated plans to adopt AI in the coming half-year.
Despite the growing reliance on AI, the study showed that only a small number of businesses have linked it to workforce reductions.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
