Jerome Powell says the AI hiring apocalypse is real: 'Job creation is pretty close to zero' [View all]
Federal Reserve Chair Jerome Powell drew a stark picture of a labor market that looks fine on the surface—4.3% unemployment, solid consumer spending—but is quietly losing momentum underneath. Once you adjust for statistical overcounting in the payroll data, he said during a press conference Wednesday following the FOMC meeting, “job creation is pretty close to zero.”
He connected that slowdown, at least in part, to what CEOs are now openly telling investors: AI allows them to do more with fewer people.
He noted “a significant number of companies” have recently announced layoffs or hiring pauses, with many of them explicitly citing AI as the reason.
“Much of the time they’re talking about AI and what it can do,” Powell told reporters after the Fed’s rate-cut decision, warning large employers are signaling they won’t need to add headcount for years. “We’re watching that very carefully,” he added.
https://finance.yahoo.com/news/jerome-powell-says-ai-hiring-163037152.html
= new reply since forum marked as read