Summary
The U.S. economy is growing with high spending on artificial intelligence (AI), but some big companies are not hiring as AI takes over many jobs. Companies like Amazon plan to cut jobs, especially in corporate roles, where AI can do the work instead. Businesses are keeping their workforce the same size, as AI allows them to be more productive without adding more people.
Key Facts
- The U.S economy is expanding due to heavy investment in AI technology.
- AI is replacing many white-collar jobs, reducing the need for companies to hire.
- Amazon is set to cut up to 30,000 jobs, mainly in corporate roles.
- Other companies like Target and Paramount Skydance are also reducing corporate positions.
- Major employers such as JPMorgan, Goldman Sachs, and Walmart plan to maintain current workforce levels.
- JPMorgan's CFO has expressed reluctance to hire quickly for new roles.
- CEOs believe AI enables productivity without increasing headcount.
- Job listings are declining, showing a tight labor market without many new hires.
