ATMs did not significantly reduce bank teller jobs, while the introduction of the iPhone had a more profound impact on employment in the banking sector. The replacement of labor involves more complex factors than mere task automation.

A new measure of AI displacement risk, termed observed exposure, combines theoretical LLM capability with real-world usage data, emphasizing automated work-related uses. Occupations with higher observed exposure are projected to experience slower growth through 2034, with workers in these professions more likely to face displacement.

Federal Reserve Governor Lisa Cook stated that artificial intelligence is causing a significant shift in the U.S. labor market, potentially leading to a rise in unemployment that may not be mitigated by lower interest rates. She described this moment as the most substantial reorganization of work in generations.