“Investment in and the intensive use of AI are not yet replacing jobs,” the ECB economists wrote. “In fact, some firms are hiring additional employees—perhaps because they are looking to develop and implement AI technologies while maintaining their existing production processes, or because AI is a way to help them scale up more quickly.”
But as AI use ramps up, workforce dynamics don’t appear to bring dramatic changes. Firms planning to invest in AI over the next year still plan to hire more workers—instead of shedding them.
For many Americans, Europe has become an increasingly popular destination.
The migration wave isn’t just limited to young professionals searching for work. Wealthy individuals are increasingly relocating as well, bringing capital that could help fuel job growth in their new home countries.
“Overall…the effects of AI on employment are currently still positive. This is certainly the case as AI has not yet significantly transformed production processes,” the researchers said. “Given that this is set to change, the longer-term impact of AI on employment remains less clear.”
