Joblessness among Gen Z professionals in the tech industry is increasing at a quicker pace than both the broader tech workforce and other young age groups, according to Joseph Briggs, a senior global economist at Goldman Sachs Research. Speaking on a recent Goldman Sachs podcast, Briggs cautioned that younger tech employees face the highest risk of being pushed out of jobs due to advancements in artificial intelligence
The report highlights a sharp rise in joblessness among individuals aged 20 to 30 who are seeking careers in tech. Since early 2024, unemployment within this demographic has climbed by almost 3 percentage points—over four times the national average. According to Goldman Sachs, this surge signals the early stages of AI replacing white-collar roles, with entry-level positions being the first to feel the impact.
“If you look at the tech sector’s employment trends, they’ve been basically growing as a share of overall employment in a remarkably linear manner for the last 20 years,” Briggs said on the episode of “Goldman Sachs Exchanges” to be aired Tuesday. “Over the last three years, we’ve actually seen a pullback in tech hiring that has led it to undershoot its trend,” he said.
So far, the use of AI in the workplace has remained relatively limited:
A recent report by Goldman Sachs, titled “Quantifying the Risks of AI-Related Job Displacement” and coauthored by Joseph Briggs, reveals that only around 9% of businesses have actively integrated AI into their regular production processes over the past two weeks—indicating relatively limited adoption so far.
Despite this, the tech industry has experienced a decline in employment over the last few years, a trend that has emerged alongside the launch of OpenAI’s ChatGPT, marking a significant break from over two decades of steady job expansion in the field.
Microsoft co-founder Bill Gates shared sharp insights on the future of emerging technology:
In a recent conversation with CNN’s Fareed Zakaria, Microsoft co-founder Bill Gates offered thought-provoking perspectives on the future of advanced technology and its implications for employment. The tech visionary and philanthropist noted that AI is advancing at an exceptional pace and may soon begin replacing skilled workers without warning, giving them minimal opportunity to adapt to the swift transformation of the job landscape.
