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The U.S. economy actually grew by nearly a million fewer jobs than previously thought, and it shows 'AI is automating away tech jobs,' economist says
"The revision shows the economy entered 2025 with less momentum than previously understood,” said Bill Adams, Chief Economist at Comerica Bank.
The U.S. economy created nearly one million fewer jobs over the past year than previously thought, according to newly revised data from the Bureau of Labor Statistics, and the biggest percentage losses came from industries tied to technology—an area that is under scrutiny from economists assessing the impact of artificial intelligence. A sweeping study by Stanford University economists published in August found an outsized impact on entry-level tech roles exposed to automation by AI, with a 13% decline since 2022. The bottom line for Jeffrey Roach, chief economist for LPL Financial, was similar to Adams’ takeaway: “The labor market appears weaker than originally reported.” Solid household wealth is keeping the middle and upper-income consumer afloat, he added, but the economy is in the midst of “an atypical business cycle.”
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