Powell: AI is "part of the reason" for the decline in US employment
2025-12-12 22:42:27
Is artificial intelligence hurting American jobs? Federal Reserve Chairperson Jerome Powell's answer: a little. In a press conference, Powell said AI was "partly responsible" for the worsening unemployment rate, which was part of the backdrop for the Fed's second interest rate cut in two months. But he was also quick to add that AI is "not a major cause at this time, and we don't know if it will be in the future." While he could not be sure of the long-term impact of AI on the labor market, Powell acknowledged that the current wave of AI could be worse for the workforce than the technological revolutions of the past 200 years. Past waves of technology, while eliminating some jobs, have also created enough new ones that "always end up balancing the number of jobs." But the era of generative AI "may not be the same," he said. If so, "we don't have enough tools to deal with these social and labor market impacts."
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