> ... on average, industries with 1 percentage point higher time savings experienced 2.7 percentage points higher productivity growth relative to their prepandemic trend. We stress that this correlation cannot be interpreted as causal, and that labor productivity is determined by many factors. However, the current results are suggestive that generative AI may already be noticeably affecting industry-level productivity.
This is not due to AI. The industries with the most impact on labor productivity are retail, wholesale trade, and manufacturing, all of which aren’t really benefiting much from AI.
The tech sector employs about 2% of the labor force. Even if AI was dramatically increasing labor productivity in the tech industry, it would have a negligible effect on these statistics.
https://www.reuters.com/world/us/us-third-quarter-productivi...
Productivity up 5%.
Productivity/dollar up 3% Q2 and 2% Q3 even as labor costs up 1%.