Total employment looks healthy while the entry rung narrows. The damage is not fewer jobs, it is a profession that loses the ability to make its own seniors.
A profession makes its own seniors, and it makes them out of juniors doing work that somebody more experienced could have done faster. The first year in a law firm, a newsroom, an audit practice or a software team is production and tuition at the same time. The junior produces something the employer can sell, the employer sells it for more than the junior costs, and the gap between those two numbers is roughly what the training costs and roughly who pays for it. Nobody writes this arrangement down. It is how every knowledge profession replaces itself, and it happens to describe, almost exactly, the class of work that generative AI does well.