AI to create as many jobs as it displaces by boosting economic growth, finds report

In a report released today, PwC found that the general net effect of AI on jobs in the UK will be broadly neutral, however, certain sectors will be affected very differently. For example, PwC predict AI having a positive effect on the health and social work sector, where they estimate employment to increase by nearly one million. While they expect a 25% reduction in the number of jobs in the manufacturing industry, this represents almost 700,000 jobs. John Hawksworth, the chief economist at PwC, said: "Major new technologies, from steam engines to computers, displace some existing jobs but also generate large productivity gains." "This reduces prices and increases real income and spending levels, which in turn creates demand for additional workers."