Artificial intelligence is not yet displacing workers in major economies, according to new analysis from ING. The Dutch bank examined vacancy data across the U.S., UK, France, and Germany and found no obvious sign that AI-exposed sectors have seen job postings fall faster than others.

ING analyzed hiring data from Indeed across roughly 50 sectors, comparing vacancy changes since early 2024 against AI exposure rankings generated by a chatbot. The result showed little to no correlation between AI exposure and weaker hiring trends. Data from Challenger, which tracks layoff announcements, indicates fewer than one in 10 job cuts since last April were attributed to AI.

Traditional economic forces remain the primary drivers of employment trends, ING argues. Hiring appetite has cooled across most sectors in the U.S. and UK, even as companies remain reluctant to cut staff. That environment has disproportionately affected younger workers, pushing up youth unemployment rates. The bank noted that January's U.S. jobs surge may have been skewed toward construction and private healthcare services, raising questions about the breadth and sustainability of job growth.