In a recent analysis of the United States labour market, Veritone, Inc., a prominent figure in human-centered enterprise AI solutions, has reported significant growth in artificial intelligence (AI) job markets, despite a generally subdued overall employment scenario. This analysis is based on the U.S. Bureau of Labor Statistics (BLS) Jobs Reports, which provide insight into employment trends across the U.S., complemented by data from Aspen Technology Labs, Inc.

According to Veritone’s findings, AI-related positions have seen a notable growth trajectory, expanding by 37% over the past year, a rate described as 12.5 times faster than the general job market. This surge underscores the growing importance of AI technologies in various sectors of the economy. In contrast, the broader U.S. labour market experienced a moderate increase in total nonfarm payroll employment, adding 510,000 jobs in the third quarter, which is slightly lower by 4% compared to the previous quarter.

In terms of earnings, the average hourly wage across the U.S. increased slightly from $35 to $35.36 in the third quarter, marking a slowest annual rise of 4% in three years. Simultaneously, the unemployment rate remained stable at 4.1%, its highest in two and a half years, reflecting broader economic conditions.

The Veritone report highlights that in the third quarter of 2024, there were 31,610 AI job vacancies, marking a 6.6% increase from the previous quarter. The median salary for these AI positions reached $158,298 annually, or $76.10 per hour, representing a 4% increase from the same period last year. Specific roles such as AI-focused software developers commanded salaries averaging $166,358, significantly higher than the $140,400 paid to their non-AI counterparts.

This growth trend in AI job opportunities is being mirrored by both technology giants and companies in diverse sectors such as retail and finance. Among top employers for AI roles are Amazon, Apple, Google, Walmart, and Capital One, showcasing a wide recognition of AI’s potential across different industries.

The Veritone analysis also spotlights regional differences, with states like California, New York, and Virginia showing the largest salary disparities between AI and non-AI IT roles. In California, for instance, AI professionals earned $37,242 more than their non-AI peers, while in New York and Virginia, the difference stood at $34,154 and $25,095, respectively.

Veritone's findings, incorporating salary data from over 112,000 employers and derived from job postings directly sourced from company career sites, offer a detailed perspective on wage trends and demand for expertise in AI technologies.

Veritone, through its aiWARE™ platform, continues to break ground in blending human expertise with machine learning to enhance the potential of artificial intelligence across industries. Aspen Technology Labs contributes valuable web data management services and recruitment technology, empowering companies to better navigate and leverage the fluctuating labour market dynamics.

This comprehensive report outlines the burgeoning prominence of AI roles, reflecting broader technological shifts and economic potentials within today’s job markets, as experienced by both traditional and emerging industry sectors.

Source: Noah Wire Services