Macro Markets and Machines_The Economic and Market Transformation Driven by AI_GWM report - Flipbook - Page 35
Macro, Markets, and Machines
November 2025
Exhibit 27 – Representative Industries (% of U.S. Economy)
AI-intensive (16%)
Non-tradable (68%)
Tradable (16%)
IT and information services
Education and healthcare
Finance and insurance
Public administration
Pharmaceuticals
Real estate
Mining, oil and gas
Computer and electronics
manufacturing
Retail and wholesale
Land and sea transportation
Publishing, AV, telecommunications
Arts, entertainment, and recreation
Accommodation and food
Profession, scientific, and technical act.
Utilities
Warehousing
Air transportation
Construction
Manufacturing ex. pharma. and
computers
Agriculture, hunting, fishing, and
forestry
Sources: Sources: IMF; Scotia Wealth Management.
To arrive at AI industry exposure (AIIE) values, the IMF classifies jobs as highly exposed to AI when their AI
occupational exposure (AIOE) exceeds the median AIOE across all occupations. Occupational exposure is
derived from analysis of around 50 workplace abilities (e.g., quantitative or verbal) and their relation or exposure
to 10 AI applications (e.g., image recognition or translation) that are then used to weigh an occupation’s overall
AIOE based on the different abilities that make up a role.
In Exhibit 28, we show AIIE scores for the 20 sectors that make up the U.S. economy, calculated by the BIS,
with their respective shares of employment. The values set to 1 are equal to the highest AIIE score, which in this
case is finance and insurance with around 5% of total employment, followed by professional and business
services and management of enterprises (55 and 54), education (61), and information (51). Meanwhile,
agriculture, transportation and warehousing, and food and accommodation rank lowest in terms of AIIE.
Exhibit 28 – Finance, Professional Services, Education, and Information Rank Highest in AI Exposure
1.0
20%
0.8
15%
0.6
10%
0.4
5%
0.2
0%
0.0
AIIE (LHS)
Employment share (RHS)
Notes: North American Industry Classification System (NAICS), from left to right: 11 = Agriculture, forestry, fishing and hunting,
48-49 = Transportation and warehousing, 72 = Accommodation and food services, 23 = Construction, 21 = Mining, quarrying, and oil and gas
extraction, 56 = Administrative and support, waste management and remediation services, 71 = Arts, entertainment, and recreation,
31-33 = Manufacturing, 81 = Other services (ex. public admin.), 44-45 = Retail trade, 22 = Utilities, 42 = Wholesale trade, 53 = Real estate and
rental and leasing, 99 = Government, 62 = Healthcare and social assistance, 51 = Information and cultural industries, 61 = Educational services,
54 = Professional, scientific, and technical services, 55 = Management of companies and enterprises, 52 = Finance and insurance.
Sources: BIS; Scotia Wealth Management.
Scotia Wealth Management
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