00:00Are those leaders right? Are they not reading the room well?
00:04The labor market right now is running slow. There is an open question about to what extent is that AI.
00:10And I think those leaders, from their point of view, they're just looking at the opportunities.
00:15But there's also risks, and I think that's what the students are responding to.
00:19So you have two folks who are trying to have a conversation potentially there, but they're really just talking past
00:26each other.
00:26Because on the opportunity side, we see lots of jobs being added.
00:30We see that AI hiring is outpacing the overall labor market by 30%.
00:34But when you look at the areas...
00:35What types of jobs?
00:36AI engineer, forward deployed engineer, AI integrator.
00:40These are roles that are about building and maintaining and supporting the AI ecosystem.
00:45And of course, there's a ton of data center jobs that go along with that too, about half a million
00:49that we've seen added over the last few years.
00:52So on that side, there's lots of opportunity.
00:54A lot of growth in the U.S. right now is being driven by AI capital expenditures.
00:58There are a lot of jobs being added to the AI ecosystem.
01:01But when you look outside of AI, when you look outside of a few areas like healthcare, there's just no
01:07momentum in the labor market.
01:08We see hiring 20% lower than what it was prior to the pandemic.
01:12And if you don't already have a job, it's really difficult to find one.
01:16And that's what I think a lot of grads are experiencing and feeling.
01:19And when they're told that it might be AI is the reason you can't find a job, of course, they're
01:23going to react that way.
01:25Where's the area, at least, of where students do not want to be?
01:29Like the majors that are not getting jobs, the careers that will no longer exist because those jobs are being
01:35taken by AI.
01:36What are those?
01:37We don't know what those are yet.
01:39Often when we have a conversation about AI, we just forget about the economics and throw it out the window.
01:44Just because AI can do something doesn't mean that it will.
01:47It's really going to depend on those costs and benefits, which is why when you hear economists talk about what's
01:53AI going to do, what's going to take over, at the moment it's too early to tell.
01:56There are, of course, some areas that we see are particularly weak on LinkedIn, like back-end developers.
02:02And we see forward-deployed engineers is very strong.
02:05So those folks who are focused, they're software engineers, they're solution software engineers, but they're much more focused on AI
02:11integration.
02:11Whereas back-end developers, they're focused on that classical cleaning up your coding base, fixing bugs, all of those things
02:17that AI is actually quite good at.
02:19So there are obviously some areas where we see the tasks that you need are shifting, but that doesn't necessarily
02:25mean they're being wholesale displaced.
02:27I feel like for a liberal arts student, you're like speaking a different language with all of these forward-deployed
02:33engineers.
02:34I was thinking, like, I would have been probably screwed.
02:37You'd be surprised how many art history majors end up in the Goldman Sachs Research Institute.
02:43I wasn't art history, I was economics, but I think about anything that's data-intensive.
02:48But even doing that research today with LLMs, able to do research?
02:51Yeah.
02:52A lot of jobs today which are very data-oriented, data-focused, they're actually more accessible to people with liberal
02:58arts degrees.
02:59If you can use LLMs well, you know how to prompt them, you know how to vet them and evaluate
03:04the outputs, that actually has made these occupations more open to you.
03:08Well, I think of one of the conversations we had at Bloomberg Technology in San Francisco that said that maybe
03:13the liberal arts – I can't remember who it was, but it was –
03:18Well, Daniela Amadei at Anthropic has talked about this a lot and the importance of liberal arts.
03:23Well, and that's what I'm wondering, if we're going to circle back to this just being curious and discovery.
03:28I mean, it's part of what I like about journalism is there's something new thrown at us every day, and
03:32we get paid to kind of research it and find out about it.
03:35But you have to kind of figure out how to ask the right questions and so on.
03:38How do you see it, or is it, again, too early to know the impact of AI on the labor
03:42market?
03:43One of the big concerns that I've seen folks express, particularly around education, is the development of critical thinking skills.
03:50If we off-board those onto some automated tool, do we actually – you need experience to develop judgment, to
03:57develop that human judgment that takes place in a lot of roles.
04:00And you see this when we think about, well, you ask employers why they're not hiring.
04:04So, well, I can't really use junior folks right now.
04:07I need people who have judgment.
04:08But you need to build those people.
04:10Those people have to be developed over time.
04:13So if you're an employer going out and saying, I'm not going to hire entry-level workers, well, eventually you
04:17will have your problem.
04:18Right.
04:18Can't go up the ladder if all those rungs at the bottom don't exist unless you can jump pretty high.
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