Data reveals AI job growth and wages are significantly outpacing the general job market
Veritone, Inc. , a leader in designing human-centered AI solutions, today released its analysis of the U.S. Bureau of Labor Statistics (BLS) April 2024 Jobs Report, which provides insights into the latest employment trends and market dynamics shaping the U.S. labor market. Leveraging data from Aspen Technology Labs, Inc., a global leader in web data management services and recruitment technology, Veritone also analyzed AI job growth over the past year.
According to the April BLS report, total nonfarm payroll employment increased by 175,000, compared to 303,000 in March 2024, and the unemployment rate was relatively unchanged at 3.9%, with job gains occurring in health care, social assistance, transportation and warehousing similar to the trends observed in March. Additionally, the average hourly earnings for all employees on private nonfarm payrolls increased by 0.2% to $34.75, mirroring the slight uptick reported in March.
To explore how AI jobs compare to the BLS aggregate, Veritone analyzed Aspen Tech Labs’ Job Market Pulse, a real-time database that includes more than 5 million U.S. jobs from more than 112,000 employers. In April 2024, there were 14,117 vacancies in artificial intelligence jobs, a 32% increase year-over-year. The median salary for AI jobs in April was $160,056, or $76.95 hourly, an increase from $144,986, or $69.70, during the same period last year.
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“With increased scrutiny about jobs being replaced by AI, we wanted to dig into how many jobs AI is creating, to provide greater insight into the positive impact of AI on U.S. jobs,” said Alex Fourlis, general manager, Veritone Hire, Veritone. “The April data shows that the AI job market is growing much faster than the overall job market, indicating robust demand for AI expertise. Wages and wage growth in the AI sector also significantly outpace the general job market, highlighting the premium placed on AI-related skills and the lucrative opportunities within this field. We strongly believe in the potential of AI to enhance human capabilities and this research aims to provide data and insights that help foster a better debate and combat myths about the real impact of AI on the labor market.”
According to Aspen Tech Labs’ data, the top 10 markets for AI job vacancies in April were: California, Texas, Washington, New York, Virginia, Massachusetts, New Jersey, Illinois, Maryland and Pennsylvania. The top 50 highest-paying AI job openings were $312,499 to $680,004 annually.
Fourlis added, “We look forward to our ongoing partnership with Aspen Tech Labs and introducing a quarterly analysis of U.S. and AI job data, including exploring the ways AI contributes to job creation, job transformation and opportunities for the emerging workforce. We aim to provide data-driven insights and a balanced view of the impact of AI on jobs.”
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