Compsci grads facing recession-like job prospects thanks to AI

Computer science graduates are facing challenging job prospects due to the rise of artificial intelligence (AI), according to a new working paper by three US Census Bureau economists. The study examines how college graduates from majors with high exposure to AI have fared since the release of ChatGPT in late 2022, which sparked the generative AI boom.

The findings reveal that the most AI-exposed fields, such as computer science, mathematics, and statistics, have seen a decline in initial employment rates and earnings comparable to those experienced during the Great Recession. While some of the decline can be attributed to graduates moving into lower-paying industries like retail and food service, the economists emphasize that the effects are not evenly distributed across industries.

Fields like nursing and education have not experienced the same deterioration in early-career employment as those from the most exposed majors. The researchers suggest that the labor market is being reshaped by AI, and the impact is particularly felt by young professionals entering jobs that are affected by AI, such as software development and writing.

However, they caution against drawing long-term conclusions based on this short-term trend and stress the need for caution in speculating about the future of the labor market in the face of AI.