AI displacement impact on US unemployment reaches 15 basis points, Morgan Stanley says

AI-driven job displacement has had a limited but increasingly visible effect on the U.S. labor market, Morgan Stanley economists said in a report. As of June 2026, the impact on the U.S. unemployment rate was no more than about 15 basis points, up from 10 basis points in December 2025. Younger workers continue to show the clearest signs of replacement.