Companies have spent billions on AI. Many workers feared what came next: layoffs and smaller paychecks.
A new study from the European Central Bank checked the US numbers through 2025. So far, that fear isn't showing up.
The bank sorted US jobs by how easily AI could do them. Then it tracked how each group changed over six years.
Take the jobs AI can do well, like roles for economists or graphic designers. Those shrank by more than 4% from 2019 to 2025.
Now take the hands-on jobs AI can't reach, like electricians and high school teachers. Those grew 13% over the same years.
Put the two side by side. The high-risk jobs grew about 15 percentage points slower than the safe ones.
That looks less like robots taking jobs. It looks more like the job market quietly moving them around.
Work is draining away from some desks. It's pooling in trades and classrooms instead.
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The boom raised a worry louder than layoffs. The fear was that AI would split workers into winners and losers.
That would widen the gap between high and low earners. The ECB says that gap hasn't opened up yet.
Part of the reason is timing. The economy started shifting workers out of exposed jobs years ago, not all at once.
The bank also warns its read is early. AI's full effect on work is still hard to measure.
The boom itself is young, too. Firms only started spending big on AI a few years ago.
The other big worry was pay. A flood of cheap AI labor should drag wages down.
That drop hasn't happened. The study found no real hit to US wage growth since 2019.
The shift still shows up in the mix of jobs. Low-risk roles rose from 23% to 25% of US work.
High-risk roles slipped from 35% to 33% over the same time. In plain terms, exposed workers moved into other jobs instead of losing them.
That kind of slow shift is easier on pay than a sudden wave of layoffs. Wages tend to hold when people move sideways, not out.
The study left one door open. As AI tools get stronger, the hit to incomes could grow.
The most exposed group right now is junior staff. They work in fields AI already handles well.
So they're the first place trouble would show, if it shows at all. For investors, the read is simple.
AI is reshaping where the jobs are, not how many exist. At least for now.
The robots haven't taken the jobs. They've just moved them.
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