Briggs underscored that the most concrete evidence of AI’s labor-market impact is the surge in joblessness among early-career tech employees. Unemployment among 20- to 30-year-olds in the technology sector has climbed by roughly three percentage points since the start of 2025—a rise more than four times the increase experienced by the broader workforce. This spike suggests that routine coding and software support roles, which often serve as entry points for young talent, are most vulnerable to AI automation, raising concerns about displacement and retraining needs in the coming years. In a separate corporate development, Goldman Sachs has bolstered its investment banking lineup by appointing Marko Ratesic as vice chairman of its consumer retail group. Ratesic—previously a managing director in the firm’s leveraged finance division—will leverage his track record in advising leading retail and consumer companies on debt financing, mergers and acquisitions. This strategic hire underlines Goldman’s commitment to expanding advisory capabilities in a sector where consumer confidence and credit conditions will be closely watched by investors amid evolving economic dynamics. Despite these early disruptions, Goldman Sachs’ research team remains cautiously optimistic about the broader macroeconomic outlook. Their report 'Quantifying the Risks of AI-Related Job Displacement' estimates that generative AI could eventually affect 6–7% of U.S. jobs over the next decade, but the firm expects peak unemployment to rise by no more than 0.5 percentage point. Goldman economists argue that other sectors—such as healthcare, advanced manufacturing and green energy—will absorb many displaced workers, limiting sustained weakness in the labor market. In a recent episode of Goldman Sachs Exchanges, Joseph Briggs, senior global economist at Goldman Sachs Research, highlighted a marked deviation in technology sector employment trends since late 2022. After two decades of near-linear growth as a share of total U.S. payrolls, tech hiring has undershot its long-term trend over the past three years, driven in part by the rise of generative AI tools. Briggs pointed out that, since the November 2022 launch of ChatGPT, the tech sector’s share of overall employment has plateaued, signaling the first significant hiring pullback the industry has seen in over 20 years.
Briggs underscored that the most concrete evidence of AI’s labor-market impact is the surge in joblessness among early-career tech employees. Unemployment among 20- to 30-year-olds in the technology sector has climbed by roughly three percentage points since the start of 2025—a rise more than four times the increase experienced by the broader workforce. This spike suggests that routine coding and software support roles, which often serve as entry points for young talent, are most vulnerable to AI automation, raising concerns about displacement and retraining needs in the coming years. In a separate corporate development, Goldman Sachs has bolstered its investment banking lineup by appointing Marko Ratesic as vice chairman of its consumer retail group. Ratesic—previously a managing director in the firm’s leveraged finance division—will leverage his track record in advising leading retail and consumer companies on debt financing, mergers and acquisitions. This strategic hire underlines Goldman’s commitment to expanding advisory capabilities in a sector where consumer confidence and credit conditions will be closely watched by investors amid evolving economic dynamics. Despite these early disruptions, Goldman Sachs’ research team remains cautiously optimistic about the broader macroeconomic outlook. Their report 'Quantifying the Risks of AI-Related Job Displacement' estimates that generative AI could eventually affect 6–7% of U.S. jobs over the next decade, but the firm expects peak unemployment to rise by no more than 0.5 percentage point. Goldman economists argue that other sectors—such as healthcare, advanced manufacturing and green energy—will absorb many displaced workers, limiting sustained weakness in the labor market. In a recent episode of Goldman Sachs Exchanges, Joseph Briggs, senior global economist at Goldman Sachs Research, highlighted a marked deviation in technology sector employment trends since late 2022. After two decades of near-linear growth as a share of total U.S. payrolls, tech hiring has undershot its long-term trend over the past three years, driven in part by the rise of generative AI tools. Briggs pointed out that, since the November 2022 launch of ChatGPT, the tech sector’s share of overall employment has plateaued, signaling the first significant hiring pullback the industry has seen in over 20 years.