GPTs are GPTs: Labor market impact potential of LLMs

Key Points

• Job displacement is a significant concern with the rise of automation, particularly from large language models.
• Economic impact analyses estimate that up to 10 million jobs could be affected by these automated technologies within a decade.
• Assessment of labor market trends reveals that automation could lead to a shift in required skills, particularly in technology and communication fields at various levels of employment tiers focused on economic sectors like retail, customer service, and professional services. The ongoing evolution in the workforce requires a proactive approach in skills development to adapt to these changes.