Veritone, Inc., a leader in human-centered enterprise AI solutions, has released its analysis of Q2 2024 U.S. Bureau of Labor Statistics (BLS) Jobs Reports. The analysis offers critical insights into employment trends and market dynamics shaping the U.S. labor market. Collaborating with Aspen Technology Labs, Inc., Veritone also examined AI job growth, revealing significant trends and opportunities.
Employment Trends in Q2 2024
- Nonfarm Payroll Employment: Increased by 532,000 in Q2, with government and healthcare services contributing three-quarters of the gains.
- Unemployment Rate: Rose to 4.1%, the highest in 2-1/2 years.
- Average Hourly Earnings: Increased by 0.9% to $35 in Q2; a 3.9% increase over the past 12 months, marking the slowest pace in three years.
Veritone utilized data from Aspen Tech Labs’ Job Market Pulse, a real-time database with over 5 million U.S. jobs from more than 112,000 employers, to compare AI job growth with BLS aggregates.
- AI Job Vacancies: 29,871 in Q2, a 5.6% increase from Q1 2024 and a 31.5% increase from Q2 2023.
- Median Salary for AI Jobs: $157,196 annually ($75.57 hourly), a 7.2% increase from $146,609 annually ($70.48 hourly) in Q2 2023.
- Alex Fourlis, General Manager, Veritone Hire: “AI continues to be a driving force in the job market, demonstrating remarkable growth and resilience even amidst broader economic fluctuations. Our latest analysis underscores the significant demand and competitive compensation for AI roles, reflecting AI’s critical role in advancing technology and innovation.”
- Top Markets for AI Job Vacancies: California, New York, Texas, Virginia, Washington, Massachusetts, Illinois, New Jersey, Maryland, and Pennsylvania.
- Highest-Paying AI Job Openings: Top 50 ranged from $272,000 to $450,000 annually.
Veritone’s Q2 2024 analysis highlights the robust growth and significant opportunities in the AI job market. Despite broader economic challenges, AI job vacancies and salaries have shown remarkable increases, underscoring AI’s pivotal role in driving technological advancement and economic resilience.
