AI's Impact on the Labor Market: Shaping the Present and Forecasting the Future

Artificial Intelligence is one of the fastest growing technologies, providing humans with a tool to assist them in their daily lives. While this is an advantage, there is also the downside that AI has the ability to remove routine and repetitive tasks. This paper takes a closer look at the impacts of Artificial Intelligence on the labor market and analyzes the implications of AI, both positive and negative. It elaborates on both the job opportunities present due to AI and the job displacement that may occur. A detailed survey was distributed to college students to understand their perceptions of AI and the labor market and to gauge their feelings about the increasing use of AI. The data that has been collected via surveys and interviews has been used as the foundation in determining the true effects that AI poses and whether it is a tool that will benefit humans who participate in the labor market. Descriptive statistics have been used to support the results gathered and to come to the appropriate conclusion that college students feel good about the increasing use of AI but are worried about jobs being taken away, although not necessarily their jobs.