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UBS Notes Bank of Canada Q1 Surveys Look at Productivity Boost From Artificial Intelligence

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The Bank of Canada released on Monday its Q1 Business Outlook (BOS) and consumer (CSCE) surveys, said UBS.

In BoC's release, there was also a box on how workers are using artificial intelligence (AI) and how consumers see this impacting job conditions, wrote the bank in a note to clients.

In terms of overall AI use at work, 60% stated that they were using AI at work, 35% stated they didn't use this at all, while 5% were unsure.

More than 14% of those using AI thought there was an over 50% probability of AI use boosting their productivity. The net impact on job outcomes is 1.8%, while the salary outcomes are basically zero.

As for the net impacts of those using AI at work, the net share reporting a higher than 50% probability that this results in more hours was -6.6%, and for those not using AI, this was -8.2%.

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