Investing.com — Artificial intelligence is generating a minor impact on macroeconomic output despite widespread corporate adoption for individual workflows, according to a research report released by BofA Global Research on Friday.
Data indicates that AI integration currently lifts aggregate macroeconomic productivity by approximately 0.1% per year.
While the technology is demonstrating distinct productivity gains in highly specific, well-defined corporate tasks, the local increases have yet to scale sharply across the broader domestic economy.
BofA Securities economists attribute this slow macroeconomic translation to practical headwinds, citing delayed corporate adoption timelines, persistent skills gaps among the workforce, and institutional organizational constraints as the primary factors limiting near-term aggregate output.
However, long-term projections suggest the structural impact could scale by a factor of ten as AI models iterate and expand.
If AI successfully broadens its task capabilities, penetrates deeper into diverse industry sectors, and achieves lower cost thresholds, macroeconomic productivity gains could rise by up to 1.0% per year over the next decade.
In this optimistic baseline scenario, the accelerated efficiency could potentially elevate long-term global GDP growth up to a 4.5% annualized pace.
Concurrently, BofA Global Research economists noted that U.S. second-quarter GDP tracking remains stable at a 2.6% quarter-over-quarter seasonally adjusted annual rate (saar) following the release of recent April housing starts data.
The tracking calculation mechanically aggregates high-frequency data releases to align with official government tracking metrics.
Monetary policy and consumer variables also hit the economic calendar on Friday.
Federal Reserve Governor Christopher Waller delivered public remarks concerning the domestic economic outlook, coinciding with the official swearing-in ceremony of Kevin Warsh as the new Federal Reserve Chair.
Additionally, final May University of Michigan Consumer Sentiment data printed at 48.2, slightly outperforming consensus expectations, which had projected a minor decline to 48.0 for the period.
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