⛈️ The AI jobs 'bloodbath' that keeps getting postponed
The future of work is arriving — just not catastrophically
My fellow pro-growth/progress/abundance Up Wingers in the USA and around the world:
Perhaps the biggest source of US economic uncertainty this year is the job market. The trend isn’t great. Monthly employment growth has fallen from about 175,000 to near zero, notes Moody’s Analytics, driven by tight labor supply from immigration restrictions and weaker labor demand from government budget cuts, tariffs, and business uncertainty.
What’s more, unemployment is creeping higher, and upcoming BLS data revisions are likely to show job growth was overstated, suggesting the labor market may be even weaker than it currently appears, the firm’s chief economist, Mark Zandi adds.
And as the bank Goldman Sachs sees it, “the most difficult question about the labor market is to what degree companies will replace workers with artificial intelligence, or at least hold off on hiring.”
That the GS-identified question is even a “question” would likely surprise AI doomers and many like-thinkers in the media. Their frequent assumption is that considerable dislocation is already happening. Yet the data so far suggest the near-term impact of AI looks less like an ongoing — or even looming — worker bloodbath and more like quieter, slower disruption at the job-market margins.
