AI's Impact On Job Market: A Double-Edged Sword, Says Mark Zandi - CNBC

Artificial intelligence (AI) could bring both challenges and opportunities to the job market, according to Mark Zandi, chief economist at Moody’s Analytics, CNBC reports.

AI’s Potential Impact: AI has the potential to enhance productivity and wages for those who can harness its power in their work. However, there are concerns among some employees about job security as companies could use AI to cut labor costs.

Gradual Change: Zandi suggests that these concerns might be premature. While AI has the potential to significantly alter business practices, the technology is still in its early stages. Based on the history of other game-changing technologies, the incorporation of AI into business practices is likely to occur over several years or even decades.

Varying Implementation: The economist also noted that AI’s implementation will vary across different sectors of the economy. As with other major technological changes, AI is expected to create winners and losers in the job market.

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