AI job growth and wages continue to outpace the general job market
Veritone, Inc, a leader in building human-centered enterprise AI solutions, today released its analysis of Q2 2024 aggregated U.S. Bureau of Labor Statistics (BLS) Jobs Reports, which provide insights into the latest employment trends and market dynamics shaping the U.S. labor market. Leveraging data from Aspen Technology
According to BLS data, total nonfarm payroll employment increased in Q2 by 532,000, with government and healthcare services accounting for three-quarters of the gain. However, the U.S. unemployment rate increased to 4.1%, hitting a 2-1/2 year high. In Q2, average hourly earnings increased by 0.9% to $35. Over the past 12 months, average hourly earnings have increased by 3.9%, the slowest pace in three years.
Comparing AI job growth to the BLS aggregate, Veritone analyzed Aspen Tech Labs’ Job Market Pulse, a real-time database with more than 5 million U.S. jobs from more than 112,000 employers. In Q2, there were 29,871 vacancies in artificial intelligence jobs, a 5.6% increase from Q1 2024 and a 31.5% increase from the same period in 2023. The median salary for AI jobs for Q2 2024 was $157,196, or $75.57 hourly, a 7.2% increase from $146,609, or $70.48, during the same period last year.
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“AI continues to be a driving force in the job market, demonstrating remarkable growth and resilience even amidst broader economic fluctuations,” said Alex Fourlis, general manager, Veritone Hire, Veritone. “Our latest analysis underscores the significant demand and competitive compensation for AI roles, reflecting the critical role AI plays in advancing technology and innovation. Veritone remains committed to harnessing the power of AI to drive progress and create valuable opportunities across industries.”
According to Aspen Tech Labs’ data, the top 10 markets for AI job vacancies in Q2 were, in rank order: California, New York, Texas, Virginia, Washington, Massachusetts, Illinois, New Jersey, Maryland and Pennsylvania. In Q2, the top 50 highest-paying AI job openings were $272,000 to $450,000 annually.
Fourlis added, “Amidst a deluge of negative predictions that AI will replace jobs, we can see significant year-over-year growth in jobs that AI is actually creating and with salaries and salary growth well above the market benchmark.”
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