Federal reserve chair jerome power says there is evidency he is already upending the workforce.
“I Think My View, which is also a bit of a guess, but widelly shared, i think, is that you are seeing some effecs but it is not the main Driving,” Powell Said During After the Conference of the Fed’s September Meeting.
Overall, Powell Said His View is that it is probably a factor Affecting the Job Market for Recent College Graduates, but it is “hard to say how.”
“It May Be That Companies or Other Institutions That Have Been Hiring Younger People Right Out of College Are Able to use he said they had in the past,” he said. “That May Be Part of the Story. IT’S ALSO Part of the Story, Though, That Job Creation More Broadly Has Slowed Down.”
Powell Is Now One of the Highest-Profile Figures to Weigh in the Job Displacement Conversation that Has Upper Silicon Valley and Split Ceos, Some of the Nation’s Farest He Companies.
Anthropic Ceo Dario Amodei Sparked the Debate Earlier This Summer Wen He Told Axios That He Could Wipe Out Half of All Entry-Level, White-Collar Jobs with Next One to Five Years. Ford CEO Jim Farley Has Also Sounded a Similar Alarm.
Some rival Leaders, Including Openai’s Sam Altman, Have Questioned Amodei’s Prediction. (Altman spoke at a Fed Conference Earlier This Summer.) Anecdotally, Some Companies, Including JPMORGA and Klarna, have Said he is already leading say to redCount.
In Previous Testimony before Congress, Powell Said That He Had the Potential to Significantly Change the Economy.
“Think it has enormous capabilities to make really really changes in the economy, in the labor force,” Powell Said the Senate Banking Commitee in June. “It can eather augment People’s Productivity, or it can replace people, or it can a little bit of bot. But it is going to be something.”
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