Skip to content
Briefings are running a touch slower this week while we rebuild the foundations.See roadmap
Iran Conflict 2026
1APR

NBER: nine in ten firms untouched by AI

2 min read
12:41UTC

A multinational survey of 6,000 executives found most companies see no employment effect from AI. Inside those same firms, bosses and workers hold opposite forecasts.

ConflictDeveloping
Key takeaway

Bosses expect AI to cut jobs while their own employees expect it to create them.

A survey of nearly 6,000 senior executives across the United States, United Kingdom, Germany, and Australia, published by the National Bureau of Economic Research, found that 90% of firms report no impact on employment or productivity from AI so far. 1 Sixty-nine per cent of the surveyed firms actively use the technology. Nine in ten see nothing happening.

The contradiction sits inside the forecasts. Executives at these firms predict a 0.7% employment decline over the next three years. Employees at the same companies predict a 0.5% increase. 2 One group expects cuts. The other expects growth. They work in the same buildings, use the same tools, and hold irreconcilable views of what comes next.

During the 1990s offshoring wave, management planned relocations years before workers learned their roles would move overseas. Approximately 3.4 million US manufacturing jobs were lost between 1995 and 2005. Workers could not prepare because they did not know. The NBER data, spanning four countries with different labour market systems, suggests this gap is structural, not cultural . If executives act on private bearish forecasts without informing staff, displacement will arrive as a shock rather than a managed transition.

Deep Analysis

In plain English

A research body surveyed nearly 6,000 bosses across the US, UK, Germany, and Australia and asked whether AI has yet affected hiring or productivity at their companies. Nine in ten said no. But the same bosses predict employment at their firms will fall slightly over the next three years. Workers at those same companies predict it will rise slightly. Someone is wrong. Given that bosses set hiring plans, their forecast is more likely to be self-fulfilling.

Deep Analysis
Root Causes

Information asymmetry within firms is the structural cause. Executives have access to strategic planning documents, vendor capability assessments, and board-level restructuring discussions that do not reach workers. The 1.2-percentage-point forecast gap (0.7% decline vs 0.5% increase) is more consistent with deliberate non-disclosure than with genuine disagreement.

The 69% active AI adoption rate combined with the 90% null employment impact suggests a deployment phase that is currently affecting task structure without reducing headcount. The NBER finding by Humlum and Vestergaard that LLM adoption produces occupational switching without net changes in hours or earnings supports this reading: impact is happening below the level of employment statistics.

Measurement lag is also structural. Employment surveys capture headcount but not task composition or hiring freeze effects. The Dallas Fed found displacement operating primarily through collapsed job-finding rates among workers under 25, a mechanism invisible to standard employment impact questions.

What could happen next?
  • Risk

    The executive-employee forecast gap may widen as deployment accelerates, producing a shock dynamic similar to 1990s offshoring where workers had no preparation time.

    Medium term · Medium
  • Consequence

    Policymakers relying on current employment statistics will underestimate displacement risk because the primary mechanism is hiring suppression, not firing, which appears later in official data.

    Short term · High
  • Meaning

    The 90% null result at 69% adoption rates confirms the technology is in a pre-deployment productivity phase; the employment shock, if it arrives, will be sudden rather than gradual.

    Long term · Medium
First Reported In

Update #3 · The AI jobs data contradicts itself

NBER (Yotzov, Barrero, Bloom, Bunn, Davis et al)· 28 Mar 2026
Read original
Causes and effects
This Event
NBER: nine in ten firms untouched by AI
The largest cross-country executive survey reveals a dangerous information gap: employers expect job losses while their own workers expect gains.
Different Perspectives
Markets
Markets
Brent crude rose 2.2 per cent to $96.34 on 10 June, reversing a 7 per cent weekly decline built on deal optimism, as the overnight exchange repriced the Strait of Hormuz risk premium in a single session. The move reflects transit-risk repricing rather than supply shock: Iran's exports had already collapsed to below 300,000 barrels per day.
Pakistan
Pakistan
Pakistan's Naqvi channel, the only mediation track carrying both civilian and military buy-in, was stress-tested by live ordnance within 48 hours of the 6-7 June Tehran visit. Whether Washington informed Islamabad of the imminent strike plan while Naqvi was in Tehran remains undisclosed, putting the channel's neutrality under scrutiny.
Kuwait
Kuwait
Kuwait hosted the third Iranian strike on its soil since the 3 June airport drone attack, with Ali Al Salem airbase targeted in the three-country salvo. Its recent $1.98 billion Anduril Anvil counter-drone purchase signals it is rearming rather than reconsidering its hosting posture.
Bahrain
Bahrain
Bahrain absorbed the IRGC barrage via PAC-3 intercepts with its magazine already at 87 per cent depletion and no resupply before 2027. Sounding air-raid sirens over Manama, it faced the intercept burden with the thinnest defensive stack in the Gulf coalition.
Jordan
Jordan
Jordan reported all five incoming missiles intercepted with no injuries and no damage, a clean defensive performance that strengthens Amman's case for staying in the Western coalition without escalating its own posture. It now sits on Iran's target list for the first time despite not being a party to the Abraham Accords confrontation.
Iran / IRGC
Iran / IRGC
Foreign Minister Araghchi posted on X that US forces should 'leave our region if you want to be safe' and framed the exchange as a US defeat, while the IRGC claimed 21 targets hit and an F-35 hangar destroyed. The claims serve a domestic and Arab-audience framing rather than a verified battle-damage assessment.