Federal Reserve policy isn’t the only thing looking to throw a wrench in the labor market. AI’s rapid growth in popularity is raising eyebrows over concerns it could take away jobs. However, there’s a key distinction to make when it comes to AI and the workforce, says Niskanen Center’s Matthew Darling. “There’s going to be a lot more complementing human abilities, complementing human ingenuity,” Darling says in an interview with Yahoo Finance’s Julie Hyman and Brad Smith. He says it’s important to look at how many jobs vs. tasks are being replaced with AI. On the flip side, while AI may elevate ones productivity, Darling says the labor market will likely see some ripple effects. ”We are probably going to see more than average labor market churn” he said. “It doesn’t mean necessarily unemployment rates go up, but it does mean that we want to think about how do we respond to that?” Darling points to the focus of retraining workers who may lose their jobs to AI, in order to get back into the market. However, he stresses not using AI as an excuse for “bad macroeconomic policy.”
Key video moments
00:00:00 AI work impact
00:00:32 Concern on AI
00:01:14 Labor market churn
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