The unemployment rate for 20 to 24 year olds is more than 9% -- double the national average. New research shows artificial intelligence is making it even harder to land a first job.

Stanford

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Recent research from the Stanford Digital Economy Lab indicates that artificial intelligence is making it more challenging for young people to secure their first jobs, especially in fields where AI can automate tasks. The study found that employment for entry-level workers in jobs highly exposed to AI, such as software engineering, has declined significantly, while roles less susceptible to automation, like nursing and home health aide positions, continue to grow.

The research also notes that, despite the drop in employment opportunities, salaries for young workers in AI-exposed jobs have not seen notable changes. The effects of AI appear to be concentrated on employment rates rather than compensation, with older workers and those in less automatable roles remaining comparatively unaffected.

Why AI is making it harder for young people to land their first job

We reported earlier in the broadcast on the new data showing job creation in the U.S. was much weaker than previously reported. If you're a young job seeker, you probably already knew that. The unemployment rate for 20 to 24-year-olds is more than 9 percent, double the national average. New research shows artificial intelligence is making it even harder to land that first job. Bharat Chander, researcher at the Stanford Digital Economy Lab, has helped crunch the numbers and joins us now for tonight's interview. Thank you so much for joining us. What's the first big-picture takeaway from the work that you did? In the data, we found declining employment for entry-level workers in jobs that are more exposed to AI. For example, employment for young software engineers is down 20 percent from its peak in late 2022, which is around the time that ChatGPT came out. In contrast, employment for older workers is still holding up pretty strong, and employment for young workers in jobs that are less exposed to AI, such as nursing and home health aides, is also still growing pretty strong. So for some people who haven't followed your work or this area, they might think, wait a minute, software developers, people in high tech, how can they be hurt by AI? What's the answer? Well one hypothesis is AI is particularly good at doing the sort of work that young people, especially these types of jobs, have the most expertise in. If you think about how AI models are trained, they use the sort of book knowledge and written down information that students may learn while they're at school, especially for jobs such as software engineering. This could make AI a closer substitute for entry-level work in these kinds of jobs. And in contrast, older workers develop experience and tacit knowledge about how to do a job that AI may not be as good at handling. So jobs where something can be automated are more vulnerable to AI, but where AI can kind of augment that experience you're talking about, is that a good way to think about kind of its effects on the job market? That's right. We do show that in the paper, in fact. So in the types of jobs where AI is automating the work, so think of replacing entire parts of a workflow in a job, we're seeing these employment declines for entry-level workers. In contrast, in areas where AI is augmenting work, such as by helping someone learn or work collaboratively with the AI for feedback, we're continuing to see employment growth both for young workers and for older workers. How does it show up if it does at all on salaries and compensation? One interesting result in the paper is that we do not see notable changes in salaries for these exposed young workers. The effects we're seeing are really mostly around employment, and it'll be interesting to see if that continues. So basically, whether you get a job or not is really the main influence. If I've got a job, then it probably means it's one that's not affected too much by AI, and therefore the salaries, I'm not going to face a lot of competition on price. It could be. There are a lot of competing things that could be going on. One is that maybe it's a different type of worker who's getting hired now in the age of AI, maybe someone who's more AI native, as opposed to in the past. So there are a lot of potential effects that are going on, and we're going to need to do more research into understanding these wage impacts and what might be driving those. You mentioned certain kinds of industries that aren't affected. Have there been ones that have seen growth where there have been more jobs because of AI? Yeah. A good example of this is, like I mentioned, for nursing and home health aides. We showed in the paper that, in fact, young workers in these occupations are growing faster than even older workers in those same occupations. So it's a reversal of the trend that we showed elsewhere. These are jobs that involve a lot of physical interaction, social interaction, and maybe that's the reason that we're seeing different trends here.

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Why AI is making it harder for young people to land their first job

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