The U.S. economy remains resilient, but the country may be entering an era of “jobless growth” driven by artificial intelligence, Goldman Sachs warned in a research note released Monday.

The bank’s analysts said that the recent pattern of modest job gains alongside robust GDP expansion “is likely to be normal to some degree in the years ahead,” as most economic growth is expected to stem from AI-fueled productivity rather than from an expanding labor force. Slower population growth and reduced immigration are also expected to limit labor supply, the note added.

Goldman pointed to signs of a cooling job market, noting that employment growth outside the healthcare sector has turned negative in recent months. At the same time, more corporate leaders are turning to AI to cut labor costs — a shift that could further suppress hiring in the long term.