A recent Federal Reserve Bank of New York (New York Fed) study reveals that while the use of artificial intelligence (AI) among businesses has grown significantly over the past year, very few companies have carried out AI-related layoffs.
The study, which examined firms in New York and Northern New Jersey, asked companies whether they had implemented AI and made any changes to their workforce.
Findings show a notable increase in AI adoption, yet workforce reductions linked to AI remain rare.
In the service sector, 40% of companies reported using AI this year, up from 25% last year, with 44% planning to adopt AI within the next six months.
Manufacturing firms also saw growth in AI use, rising from 16% last year to 26% this year. Around one-third of all companies surveyed said they plan to introduce AI in the coming six months.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th July, covering the latest developments you need to know.
The U.S. military said it completed a fresh wave of strikes on Iran late on Thursday, marking the 13th consecutive night of American attacks. The latest operation lasted more than two hours, according to U.S. Central Command.
Spain has declared a national emergency and evacuated more than 10,000 people after uncontrolled wildfires reached the outskirts of Madrid. Emergency crews have rescued residents as multiple blazes continue to spread across the region.
Powerr had been fully restored across Georgia following a nationwide blackout early on Friday, the country’s state-owned electricity operator, the Georgian State Electrosystem has confirmed.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
Apple is closing in on Nvidia's position as the world's most valuable publicly traded company, as investors increasingly bet the iPhone maker can turn artificial intelligence into sustained earnings growth.
AI-powered shopping assistant Phia has been accused of using "cookie stuffing" to claim affiliate commissions for purchases it did not generate, according to a Bloomberg investigation. The company says the issue has now been resolved.
The UK government has nationalised British Steel, taking full ownership of the country's only primary steelmaker from its Chinese owners to safeguard the future of the UK's steel industry.
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