“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,” reports Yahoo News:
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.
Robots with artificial intelligence are spreading on Japanese farms and robots are being used as waiters in restaurants in Korea.
On the other hand, artificial intelligence is creating new wealth, saving lives, and improving living standards.
The nation of Zambia, which is poor and heavily in debt, found new mineral wealth using artificial intelligence.
An artificial intelligence algorithm outperforms radiologists in diagnosing prostate cancer from MRI scans, reports Inside Precision Medicine. It also cuts false positive diagnoses in half, according to a study by researchers at Radboud University Medical Center.
