Impact of AI on jobs in America
C3 IoT CEO Tom Siebel on the cyber security risks from wearable devices for children, the rise of artificial intelligence and how AI will impact the U.S. job market.
The U.S. added a higher-than-expected number of jobs in May – with the Labor Department reporting that 223,000 jobs were added, more than the 188,000 jobs analysts polled by Thomson Reuters were expecting.
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Job creation was also above the average 190,000 jobs created each month after the past year.
The unemployment rate ticked down to 3.8% from April’s 3.9%.
Wage inflation came in above expectations, at 0.3%. Analysts polled by Thomson Reuters are anticipating wages increased by 0.2% in May.
While the jobs market is extremely healthy, it isn’t tight enough for large wages hikes, and that isn’t necessarily a bad thing. In fact, this could delay the recession that will eventually come.
“Companies have not been hiking wages with businesses cautious about a recession. They are having extreme discipline at the end of the business cycle,” Samana told FOX Businesses
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Excesses in the market usually trigger a recession – and the fact that companies are not overextending themselves could prolong the economic growth cycle, he added.
