Thousands of CEOs admit AI had no impact on employment or productivity

[Preying Mantis]

LMAO took them long enough to admit this.

Thousands of CEOs admit AI had no impact on employment or productivity—and it has economists resurrecting a paradox from 40 years ago | Fortune

In the 1980s, economist Robert Solow made an observation that reminded economists of today’s AI boom: “You can see the computer age everywhere but in the productivity statistics.”

fortune.com

Is AI actually making people more productive?​

In 2023, MIT researchers claimed AI implementation could increase a worker’s performance by nearly 40% compared to workers who didn’t use the technology. But emerging data failing to show these promised productivity gains has led economists to wonder when—or if—AI will offer a return on corporate investments, which swelled to more than $250 billion in 2024.

“AI is everywhere except in the incoming macroeconomic data,” Apollo chief economist Torsten Slok wrote in a blog post, invoking Solow’s observation from nearly 40 years ago. “Today, you don’t see AI in the employment data, productivity data, or inflation data.”

Slok added that outside of the Magnificent Seven, there are “no signs of AI in profit margins or earnings expectations.”

 

[Dopious]

I guess we as a society is still in the newborn phase of AI and most "workers" are not even using it, hard for a carpenter, street sweeper or a guy bulding cars on the factory floor to use it on hands-on jobs.

I think it will take some 10-20 years to see the real effect, just like Internet.