Key facts
- Job-finding rates for primary workers have dropped by 13 percentage points.
- The decline in job-finding rates began in November 2022.
- Primary workers are typically always employed.
- The decline is steeper for primary workers than for less securely employed workers.
- Analysis links the trend to AI's growing influence on the labor market.
- The Federal Reserve Bank of Richmond conducted the analysis.
Analysis from the Federal Reserve Bank of Richmond indicates a notable decrease in job-finding rates for 'primary workers,' a group historically characterized by consistent employment. Since November 2022, these workers have experienced a 13 percentage point drop in their ability to find new jobs. This decline is steeper compared to workers with less stable employment histories. The Federal Reserve Bank of Richmond's research points to the growing influence of artificial intelligence (AI) on the labor market as a potential driver of this trend. The findings suggest that AI's integration into various industries may be disproportionately affecting those who were previously considered the most secure in their employment. This development raises questions about the future of stable employment and the impact of technological advancements on different segments of the workforce.