AI's impact on jobs worries Fed Chair Powell
Federal Reserve Chair Jerome Powell is worried about how AI is changing the job market.
He shared that "job creation is very low" and it's getting harder for unemployed people to find work.
These comments came as the Fed decided to cut interest rates to their lowest in three years, amid rising unemployment and severe inflation.
Layoffs and hiring pauses
Powell pointed out that many companies have hit pause on hiring or are even laying off workers, often blaming AI.
He said business leaders are "talking about AI and what it can do," so the Fed is keeping a close eye on things.
While wealthier households are doing okay thanks to a strong stock market, working-class folks are feeling squeezed by rising prices and fewer job options.
The Fed's AI watch
With companies holding back on new hires, the Fed says it's watching these shifts closely as unemployment stays high.
The big question: how will rapid changes from AI shape future jobs?