AI is eliminating jobs in the U.S., especially for young tech workers just starting in their careers.
In a Monday Goldman Sachs note, obtained by Business Insider, the investment firm wrote that since ChatGPT was introduced in November 2022, the tech sector’s share of U.S. employment, which had just hit its highest point, has been declining.
Unemployment is especially high for 20- to 30-year-olds aiming to work in the tech sector, the report found. Since the start of 2024, the unemployment rate for that group has risen by nearly 3%, more than four times greater than the overall rate. Goldman Sachs says that the increase is an indicator that AI is