S&P 500 selloff continues on fresh economic jitters, ongoing government shutdown
Investing.com -- Federal Reserve Governor Michael Barr stated on Thursday that the implementation of artificial intelligence tools by employers could be contributing to reduced hiring in certain sectors of the economy.
During a video-streamed event, Barr suggested that AI might be one of the factors affecting what he described as a "low-hire, low-fire job market environment."
Barr also highlighted a significant economic divide in the current economy, noting a substantial gap between the upper 40% of income and wealth holders and the rest of the population. He characterized this situation as a "two-speed economy."
The Fed governor, who resigned from his position as vice chair for supervision approximately a year ago following President Donald Trump’s election victory, acknowledged that while the Federal Reserve has made progress on inflation, additional efforts are still necessary to fully address inflationary pressures.
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