Fed's Schmid says hiring is on pause amid AI, aging
Tweet
Share
E-mail
President of the Federal Reserve Bank of Kansas City Jeffrey Schmid hosts the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir
March 6 (Reuters) - Kansas City Federal Reserve President Jeff Schmid on Friday said he believes that the advent of artificial intelligence is leading some businesses to pause hiring even as an aging population is creating real structural change in the labor market.
"Between fiscal policy and just the nature of the baby boomer class retiring out, we have a real structural thing going on," Schmid said. "AI's got a lot of different elements to it, but there's people, businesses in particular are starting to pause... we're taking a pause before we hire the next person to say, what is the skill set we need."
(Reporting by Ann Saphir, Editing by Franklin Paul)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. targets Hezbollah with fresh sanctions, emphasizes ties to Iranian government
- Nvidia to ship AI chip for China by year-end, The Information reports
- Guatemala says it received over 2,000 Mexicans deported from US this year
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
