Major employers from Block to Amazon have attributed their shrinking workforces to new efficiencies in the tech revolution; and even JPMorgan CEO Jamie Dimon warned that leaders “shouldn’t put their head in the sand” as AI comes for jobs. However, Torsten Sløk, chief economist at Apollo Global Management, is adamant that “there is zero evidence of job losses because of AI.”
Sløk pointed to ADP employment data as evidence, concluding that the AI spending frenzy is “stoking both employment and inflation.” And thanks to the tech boom, he even believes that nonfarm payrolls in May—accounting for all U.S. workers excluding agriculture laborers, private household staffers, non-profit employees, and government professionals—could come in higher than the 95,000 jobs that are generally predicted.
