A study by Apollo Global Management's chief economist found that workers in occupations highly exposed to AI experienced real-wage growth 6.7 percentage points slower after 2023 than workers in less-exposed occupations, with no statistically significant effect on employment. The finding is consistent with firms capturing productivity gains through wage compression rather than layoffs. For financial institutions, this suggests that AI's labor market impact may first appear in wage dynamics rather than employment levels, potentially affecting consumer spending and credit quality.
119 other tracked developments touching the same claims.