Every time there’s fresh evidence of labor market softness, as with the July jobs report, economists and employees now ask: Are we seeing the impact of artificial intelligence on knowledge workers?

AI is making the job market tougher for young college graduates, but wage growth has accelerated over the past year the 22 million people with jobs in professional and business services to levels above pre-pandemic rates. This suggests that the state of the labor market for white-collar workers is bifurcated — one where there are both winners and losers rather than one where most workers are worse off.

The youth are worse off

Despite the overall unemployment rate being a solid 4.2%, only 65.3% of 20 to 24 year olds were employed last month, nearly three percentage points lower than the post-p

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