Firms have invested heavily in AI, leaving economists striving to understand the impact on the labour market and driving fears among the wider public for the future of their jobs.
At the same time, employers are struggling to find qualified workers despite a recession that would normally ease labour market pressures. In a sample of 16 European countries, the employment share of sectors exposed to AI increased, with low and medium-skill jobs largely unaffected and highly-skilled positions getting the biggest boost, a Research Bulletin published by the ECB said.
It cited "neutral to slightly negative impacts" on earnings and said those issues could increase. This will be bad news for workers who have seen wages fall since the 1980s.