Goldman Sachs: AI's hit to jobs is spreading beyond tech
Goldman Sachs: AI's hit to jobs is spreading beyond tech
A Goldman Sachs research note finds that US industries using more AI now show slower employment growth and higher unemployment, a statistically significant link. Its reading: "the AI impact is spreading beyond the technology sector."
Each dot is an industry. Employment growth and unemployment are the latest three-month average minus the 2015–19 average. Source: Census Bureau, IPUMS, BLS, Goldman Sachs.
What the chart shows
| Measure | Fitted slope per point of AI adoption | t-stat |
|---|---|---|
| Employment growth | −0.09 pp | −2.07 |
| Unemployment rate | +0.09 pp | 4.20 |
On the fitted line, an industry where half of firms use AI has employment growth about 5 points below its pre-pandemic trend. Computing, web hosting and web search sit at the extreme. But so do motion pictures, credit intermediation and professional services.
This is a cross-industry correlation across about 30 industries, not proof that AI caused the job losses. Industries that adopt AI may differ in other ways.
Links
- Source: Goldman Sachs Global Investment Research note (late October 2026; shared as a screenshot, original not public)