AI Not Stealing Jobs: Oxford Economics Debunks Layoff Blame Game

• Oxford Economics report states AI is not the primary cause of recent job losses, despite companies increasingly citing it.
• Traditional economic pressures like slowdowns, cost-cutting, and weak demand remain the dominant reasons for layoffs.
• Companies may be using AI as a narrative to soften news of layoffs or frame them as innovation-driven rather than financially motivated.
• AI-related job cuts in the US account for only 4.5% of all reported job losses, significantly less than those due to economic conditions.
• While AI affects entry-level tasks, rising graduate unemployment is also linked to weaker labor markets and an increased supply of graduates, not solely AI.

Why It Matters: AI's impact on jobs is slower and less dramatic than headlines suggest; traditional economic factors drive most layoffs.