Curated and analyzed by the JobGoneToAI team. Original reporting by marketrealist.com.
Federal Reserve Governor Warns of AI-Driven Job Losses in the US
— marketrealist.com
Key Takeaway
The Federal Reserve Governor warns that the AI boom could lead to significant job losses in the US, with estimates suggesting that 6% to 7% of jobs may be at risk over the next decade. This shift could result in higher unemployment and lower labor force participation, complicating monetary policy.
From the Original Report
MARKETREALIST.COM / ECONOMY & WORK Federal Reserve Governor opens up about AI boom — and it's not good news for US job market "Monetary policymakers would face tradeoffs between unemployment and inflation," Fed governor said.
BY MARY ANTHONY PUBLISHED 18 HOURS AGO American job seekers at a job fair (Cover image source: Getty Images | Joe Raedle) The debate about AI is mostly about its impact on the job market as companies are rushing to automate processes and increase productivity.
By improving workflows, AI is already slowing down the recruitment drive in the US job market . According to estimates, between 6% and 7% of the jobs in America could be at risk of extinction in the next ten years. Federal Reserve Governor Lisa Cook believes this trend will lead to a generational shift in the labor market.
She also sounded an alarm about trade-offs between inflation and unemployment brought on by the surge in AI investment, which could affect monetary policy and the neutral interest rate. Lisa Cook, governor of the U.S. Federal Reserve, takes the oath of office during a ceremony at the U.S.
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