Fed study shows AI usage increase, but layoffs low

By Gokhan Ergocun

ISTANBUL (AA)—The Federal Reserve Bank of New York (New York Fed) reported a significant increase in the use of artificial intelligence (AI) but noted that very few companies have resorted to AI-related layoffs.

The New York Fed released the findings of a study looking into the impact of AI on employment; companies in the New York and Northern New Jersey regions were asked whether they used AI and made any changes to their workforce.

According to the study's findings, businesses reported a significant increase in AI usage over the previous year, but very few companies resorted to AI-related layoffs.

In the service sector, 40% of companies reported using AI this year, up from 25% last year; 44% of companies plan to use AI within the next six months.

A similar increase was seen among companies in the manufacturing sector, with the percentage of companies using artificial intelligence rising from 16% last year to 26% this year.

Approximately one-third of companies reported that they plan to use artificial intelligence in the next six months.