Not necessarily. You could have 100 FTE on reports instead of 300 FTE in a large company like a bank. That means 200 people who'd normally go into reporting jobs over the next decade, will go into something else, producing something else ontop of the reports that continue to be produced. The sum of this is more production.

Looking at job numbers that seems to be happening. A lot less employment needed, freeing up people to do other things.