Apollo's Chief Economist Torsten Slok Talks AI and US Economy | Bloomberg Talks
In a Bloomberg Talks interview, Apollo Global Management’s chief economist Torsten Slok argued that fears of AI wiping out white‑collar jobs are overstated and highlighted the technology’s broader macroeconomic effects on the United States. Slok pointed to a surge in business formation—census data shows weekly new firms hitting record highs and Stripe reports a boom in solo founders—while ADP’s weekly employment reports add 30‑40 k jobs. Unemployment remains low, especially among 20‑24‑year‑olds, and job growth is coming from construction, manufacturing, health care and education rather than finance or media. “There is zero evidence of AI‑driven job losses,” Slok said, noting that the AI data‑center build‑out is currently inflationary, pushing up semiconductor and energy costs. He also warned that token‑price dynamics will determine whether AI delivers productivity gains without displacing labor. The mix of strong hiring, rising inflationary pressures from AI spending and a “one‑big‑bill” fiscal boost suggests the Federal Reserve may face a higher‑for‑longer rate environment. Investors and policymakers should watch upcoming payroll and unemployment reports for clues on how the AI boom will shape growth and monetary policy.
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