E75 The Ripple Effect of AI on the Global Job Market
KEY TAKEAWAYS
- AI's transformative influence on the global job market is a key focus with historical patterns indicating technology ultimately enhances productivity and generates new employment opportunities
- Citi's economic analysis projects AI will drive substantial productivity and real GDP growth, potentially exceeding the internet revolution's impact necessitating significant capital investment
- While AI may reshape skill requirements and impact entry-level positions it is poised to foster novel job creation and potentially mitigate wage and experience disparities
Rob Rowe, U.S. Regional Director of Research, sits down with Global Chief Economist Nathan Sheets to discuss AI and how it will impact productivity and labor markets. As they note, economic transformations driven by new technologies aren't new, but always come with profound questions about their effects on people's jobs and lives.
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Robert Rowe, U.S. Regional Director of Research, Citi
Rob Rowe is the Head of Citi Research’s Global Strategy & Macro Group (GSMG) as well as Head of Research for the Americas. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham & Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. Rob is a graduate of Hartwick College with a BA in European History and the Theatre. He is also a graduate of the American Academy of Dramatic Arts.
Nathan Sheets, Global Chief Economist, Citi Research
Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.
Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.
