Fed's Schmid says hiring is on pause amid AI, aging

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)

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