Apollo Global Management white paper finds AI may not directly replace jobs but first depresses wages. Since 2023, wage growth for high AI-exposure jobs fell 6.7% on average, with no detectable employment impact yet. Low-income workers hit hardest; programmers and other high-skill roles also saw real wage declines. About 5.8 million US workers in high-exposure jobs, likely rising. Some professions like financial advisors actually gained.





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