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National Economic Council Director Says AI Not Costing Jobs Now
National Economic Council Director Kevin Hassett said there is no sign in the data that artificial intelligence is costing anyone their job at present. His comments were made as several technology companies including Amazon, Meta and Oracle have announced job cuts with some citing AI's role in automating tasks.
May 11, 10:50 AM·1m read1 source
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National Economic Council Director Kevin Hassett said there is no sign in the data that artificial intelligence is costing anyone their job right now. " He added that officials are studying the future of AI and its implications for the workforce and have formed a task force for that purpose.
Companies including Amazon, Meta and Oracle have cited AI's role in automating work and allowing productivity gains with smaller staff sizes. Block announced in February that it would lay off nearly 4,000 employees. The move reduced the firm's headcount by nearly half.
"We are choosing to shift how we operate at a time when our business is accelerating and we see an opportunity to move faster with smaller, highly talented teams using AI to automate more work," wrote Block CFO Amrita Ahuja at the time of the announcement.
The layoffs reflect a broader pattern in the technology sector where firms are adjusting operations amid advances in artificial intelligence. Officials continue to monitor labor market data for any measurable effects from the technology.
