Veritone Releases Analysis of Q2 2024 U.S. Bureau of Labor Statistics Jobs Data and AI Job Growth
Veritone (NASDAQ: VERI) has released an analysis of Q2 2024 U.S. Bureau of Labor Statistics (BLS) Jobs Data and AI job growth. The report shows that AI job growth and wages continue to outpace the general job market. Key findings include:
- Total nonfarm payroll employment increased by 532,000 in Q2
- U.S. unemployment rate rose to 4.1%
- Average hourly earnings increased by 0.9% to $35
- AI job vacancies increased by 5.6% from Q1 2024 and 31.5% year-over-year
- Median salary for AI jobs in Q2 2024 was $157,196, a 7.2% increase from the previous year
The top markets for AI job vacancies were California, New York, and Texas. The highest-paying AI job openings ranged from $272,000 to $450,000 annually.
- AI job vacancies increased by 5.6% quarter-over-quarter and 31.5% year-over-year
- Median salary for AI jobs rose 7.2% year-over-year to $157,196
- Top 50 highest-paying AI job openings ranged from $272,000 to $450,000 annually
- U.S. unemployment rate increased to 4.1%, hitting a 2-1/2 year high
- Average hourly earnings growth slowed to 3.9% over the past 12 months, the slowest pace in three years
The report from Veritone provides critical insights into both the general job market and the rapidly expanding AI sector. Nonfarm payroll employment increased by 532,000 in Q2, driven primarily by government and healthcare services, but the unemployment rate hit a 2.5-year high at 4.1%. Despite these mixed signals, the average hourly earnings showed a modest growth of 0.9% in Q2, up to
For retail investors, this indicates a cautious optimism. While job creation is robust, the rising unemployment rate and slower wage growth may hint at economic headwinds. Specifically, the AI job sector demonstrates a significant outlier. AI jobs grew by 31.5% year-over-year, showcasing a median salary of
From a long-term perspective, investors should recognize that AI continues to be a lucrative and growing field, potentially offering higher ROI for those investing in AI-focused companies. However, the broader economic indicators suggest vigilance as mixed economic signals could affect overall market stability.
The robust growth in AI job vacancies, a 31.5% increase from Q2 2023, underscores the increasing integration of AI across various sectors. The median salary of
For stakeholders, this trend implies sustained growth in AI-related investments and developments, likely driving further technological advancements. Investors should note that the high compensation in AI could translate to increased operational costs for companies, but the potential for innovation and efficiency gains may outweigh these expenses.
The rapid growth in AI employment amid broader market fluctuations suggests resilience and a forward-looking investment in technology. It's essential to monitor how these trends evolve, especially in relation to economic conditions and technological advancements.
Analyzing the broader data, the spike in AI job vacancies and remuneration not only underscores the critical role of AI but also highlights a shifting labor market where specialized tech skills are increasingly in demand. With a 7.2% salary increase for AI roles year-over-year, compared to a slower overall wage growth, the disparity underscores a premium placed on cutting-edge skills. The geographical concentration of these jobs in states like California and New York highlights regional hubs leading technological innovation.
For retail investors, understanding these trends can guide investment decisions towards sectors and regions experiencing high growth and demand for AI talent. This could indicate potential hotspots for future economic development and innovation. Additionally, the higher wages point to a competitive hiring landscape, possibly driving up costs for companies but also pushing forward advancements and efficiencies derived from AI technologies.
While the overall job market shows mixed signals, the AI sector's robust growth provides a clear sign of where technological progress and investment opportunities may be headed. Keeping an eye on these evolving trends will be important for making informed investment choices.
AI job growth and wages continue to outpace the general job market
According to BLS data, total nonfarm payroll employment increased in Q2 by 532,000, with government and healthcare services accounting for three-quarters of the gain. However, the
Comparing AI job growth to the BLS aggregate, Veritone analyzed Aspen Tech Labs’ Job Market Pulse, a real-time database with more than 5 million
“AI continues to be a driving force in the job market, demonstrating remarkable growth and resilience even amidst broader economic fluctuations,” said Alex Fourlis, general manager, Veritone Hire, Veritone. “Our latest analysis underscores the significant demand and competitive compensation for AI roles, reflecting the critical role AI plays in advancing technology and innovation. Veritone remains committed to harnessing the power of AI to drive progress and create valuable opportunities across industries.”
According to Aspen Tech Labs’ data, the top 10 markets for AI job vacancies in Q2 were, in rank order:
Fourlis added, “Amidst a deluge of negative predictions that AI will replace jobs, we can see significant year-over-year growth in jobs that AI is actually creating and with salaries and salary growth well above the market benchmark.”
About Veritone
Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.
About Aspen Tech Labs
Aspen Tech Labs is a global leader in web data management services and recruitment technology founded in 2008. The company is headquartered in
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Valerie Christopherson or Lora Metzner
Global Results Comms (GRC)
+1 949 608 0276
Veritone@globalresultspr.com
Sarah Rich
Veritone
srich@veritone.com
Source: Veritone, Inc.
FAQ
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