US AI tracker: Impacts are building, but aren’t noticeable in the headlines yet

AI has achieved mainstream adoption in leading sectors, but usage still appears relatively low, explaining the mostly muted impacts on aggregate productivity and the labor market so far. Increasingly, the key metric to track will be the depth of adoption within firms.

What you will learn:

• It’s not the breadth of AI adoption that matters, but how it’s being used. More than two-thirds of adopting firms report using AI for just a few business functions, with sales and marketing, strategy, and IT as the most common uses.
• With the adoption by firms on the rise, and usage of more sophisticated and compute-intensive AI tools rising, the AI capex boom is showing no signs of relenting. However we expect the net boost to GDP growth to remain close to a few 10ths over the coming year.
• AI is causing noticeable churn in the information sector, which is at the forefront of adoption. Hiring and layoff rates have simultaneously increased, but the net change in employment has barely moved. This portends broader workforce restructuring as AI adoption proliferates elsewhere.
• The baseline forecast assumes that AI proves more labor-augmenting than labor-displacing, on net.

Download the report for more detailed insights.