"Help, Robots are going to take our jobs!"
There is anxiety in many industries - that a Digital Workforce will prevail - and we will lose our jobs. Is this true?
Relax...market statistics tells us that it's not the case.
If a Digital Workforce was transforming the US economy, a couple of hard facts would be evident - productivity would be rising sharply and jobs would be harder to find than they were historically. In the 50s to early 70s labor productivity grew at around 3% a year - but over the last two years, productivity has only grown just over 0.5%. As far as unemployment goes, this is now below 5% and further reducing. This wouldn't be the case if robots were replacing humans on a mass scale. In addition to that, the recruitment industry is booming and finding enough skilled candidates is challenging, we need more!
So despite the fact that AI and Intelligent Automation is having a huge impact on the way we live and work, it seems the figures speak for themselves and the "Robopocalypse" is not nigh.
If automation were, in fact, transforming the US economy, two things would be true: Aggregate productivity would be rising sharply, and jobs would be harder to come by than in the past.