AI job growth and wages continue to outpace the general job market

Veritone, Inc. (NASDAQ: VERI), a leader in building human-centered enterprise AI solutions, today released its analysis of Q2 2024 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 Q2 AI job growth.

According to BLS data, total nonfarm payroll employment increased in Q2 by 532,000, with government and healthcare services accounting for three-quarters of the gain. However, the U.S. unemployment rate increased to 4.1%, hitting a 2-1/2 year high. In Q2, average hourly earnings increased by 0.9% to $35. Over the past 12 months, average hourly earnings have increased by 3.9%, 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 Q2, there were 29,871 vacancies in artificial intelligence jobs, a 5.6% increase from Q1 2024 and a 31.5% increase from the same period in 2023. The median salary for AI jobs for Q2 2024 was $157,196, or $75.57 hourly, a 7.2% increase from $146,609, or $70.48, during the same period last year.

“AI continues to be a driving force in the job market, demonstrating remarkable growth and resilience even amidst broader economic fluctuations,” said Alex Fourlis, general manager, Veritone Hire, Veritone. “Our latest analysis underscores the significant demand and competitive compensation for AI roles, reflecting the critical role AI plays in advancing technology and innovation. Veritone remains committed to harnessing the power of AI to drive progress and create valuable opportunities across industries.”

According to Aspen Tech Labs’ data, the top 10 markets for AI job vacancies in Q2 were, in rank order: California, New York, Texas, Virginia, Washington, Massachusetts, Illinois, New Jersey, Maryland and Pennsylvania. In Q2, the top 50 highest-paying AI job openings were $272,000 to $450,000 annually.

Fourlis added, “Amidst a deluge of negative predictions that AI will replace jobs, we can see significant year-over-year growth in jobs that AI is actually creating and with salaries and salary growth well above the market benchmark.”

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 Tech Labs

Aspen Tech Labs is a global leader in web data management services 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, business intelligence, 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 Job Market Pulse, a powerful, real-time competitive tool to assist ATL customers in staying in front of the challenging labor market. Subscribers have access to more specific details of each job in the database. To learn more, visit AspenTechLabs.com.

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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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