Apollo Global Management (NYSE:APO) Chief Economist Torsten Sløk said there is “zero evidence” that artificial intelligence is causing job losses across the U.S. economy, arguing that current labor market data points to continued hiring rather than widespread displacement.
In a blog post on Friday, titled Zero Evidence of AI-Related Job Losses, Sløk cited ADP employment data and said companies are increasingly hiring AI implementation specialists while data center construction is boosting demand for workers, semiconductors, equipment and energy. He argued that the ongoing AI spending boom is supporting both employment and inflation.
Sløk also described the trend as an example of “Jevons paradox,” the economic theory that greater efficiency can increase overall demand rather than reduce it. He said cheaper technology can lead to more economic activity and ultimately more jobs.
AI Jobs Debate Continues
Sløk’s view aligns with recent comments from White House AI and Crypto Czar David Sacks, who backed Goldman Sachs (NYSE:GS) CEO David Solomon‘s argument that fears of an AI-driven “job apocalypse” are overstated. Solomon has argued that while AI could automate portions of existing work, technological shifts have historically transformed jobs rather than eliminated them entirely.
Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang has made a similar case, saying most workers are more likely to be replaced by someone who knows how to use AI than by AI itself.
Layoff Concerns Remain
The optimism contrasts with growing concerns from some policymakers and employers.
Earlier this month, Sen. Elizabeth Warren (D-Mass.) warned that AI could trigger mass layoffs and called for stronger worker protections if large-scale displacement occurs.
Separately, Challenger, Gray & Christmas reported that AI was the leading reason cited for announced layoffs in April, accounting for 21,490 planned job cuts.
For now, Sløk argues the labor market data tells a different story. His conclusion: AI investment is creating demand for new skills and new jobs faster than it is eliminating existing ones.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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