AI remains a driving force in the labor market

Veritone Releases Analysis of Q3 2024 U.S. Bureau of Labor Statistics Jobs Data and AI Job Growth

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Sarah Rich
Veritone
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Veritone, Inc. (NASDAQ: VERI), a leader in building human-centered enterprise AI solutions, today released its analysis of Q3 aggregated U.S. Bureau of Labor Statistics (BLS) Jobs Reports, which provide insights into the latest employment trends and market dynamics shaping the U.S. labor market. Leveraging data from Aspen Technology Labs, Inc., a global leader in web data management services and recruitment technology, Veritone also analyzed Q3 AI job growth.

According to BLS data, total nonfarm payroll employment increased in Q3 by 510,000, a smaller increase than in Q2 by 4%. The U.S. unemployment rate held steady at 4.1%, which is a 2-1/2 year high. In Q3, average hourly earnings increased from $35 to $35.36. Over the past 12 months, average hourly earnings have increased by 4.0 percent, the slowest pace in three years.

Comparing AI job growth to the BLS aggregate, Veritone analyzed Aspen Tech Labs’ Job Market Pulse, a real-time database with more than 5 million U.S. jobs from more than 112,000 employers. In Q3, there were 31,610 vacancies in artificial intelligence jobs, a 6.6% increase from Q2 2024 and a 37.5% increase over the past 12 months. The median salary for AI jobs for Q3 2024 was $158,298, or $76.10 hourly, a 4.0% increase year-over-year and 0.6% increase from Q2 2024.

"The ongoing growth in AI jobs and high median salaries likely reflect the increasing importance of AI technology in today's economy. We witnessed explosive job growth for AI-jobs with a 37% year-over-year growth rate, 12.5x faster than the rest of the market, while the overall labor market remains rather subdued," said Alex Fourlis, general manager, Veritone Hire, Veritone. "While overall employment trends show modest gains, AI continues to drive innovation and economic opportunity. The substantial rise in demand for AI-related roles highlights the critical need for skilled professionals. Both tech and nontech employers are looking to hire for this skillset with firms such as Amazon, Apple and Google, and surprisingly firms like Walmart and Capital One, which are featured as top 10 employers for AI roles. Veritone remains dedicated to advancing AI solutions that empower businesses, foster growth and create career opportunities in one of the most dynamic sectors of the labor market."

In Q3 2024, the median annual salary for AI-related roles was $31,803, 25% higher than for non-AI IT positions. For example, AI-focused software developers were offered an average salary of $166,358, compared to $140,400 for their non-AI counterparts, reflecting a premium of nearly 19% for AI expertise. Among the top 10 U.S. states with the highest number of AI roles, California, New York and Virginia stood out with the largest average salary gaps between AI and non-AI IT roles. The differences in these states were $37,242, $34,154, and $25,095, respectively.

The salary data included in this report is derived from salaries listed on job postings collected directly from corporate career sites, providing an important perspective on wage trends in the market.

About Veritone

Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.

About Aspen Technology Labs, Inc.

Aspen Technology Labs (ATL) is a global leader in web data management services, labor market intelligence, and recruitment technology, founded in 2008. The company is headquartered in Aspen, Colorado with teams throughout the U.S. and Europe. ATL provides web scraping and data/analytics services for a wide variety of industries. ATL’s teams are constantly working to increase the number of companies and jobs in the database and to improve the quality and extraction of additional data. ATL’s JobMarketPulse is a powerful, real-time labor market intelligence tool to assist ATL customers in staying in front of the challenging labor market. To learn more, visit AspenTechLabs.com.

Safe Harbor Statement

This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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