Fed Advisor Says AI Shows No Productivity or Jobs Impact Despite 69% Business Use
Updated
Updated · The Current GA · Jul 15
Fed Advisor Says AI Shows No Productivity or Jobs Impact Despite 69% Business Use
3 articles · Updated · The Current GA · Jul 15
Summary
Nearly 69% of firms already use AI, yet surveys of almost 6,000 executives across four countries found little to no effect on productivity or employment over the past three years, Atlanta Fed advisor David Altig said.
Productivity has still surged, but Altig attributed that mainly to stronger business investment in machinery, equipment and software rather than to AI; business AI use is expected to reach 75% within three years.
Around 2% U.S. growth is settling back toward normal even as labor supply tightens, with Altig warning that slower population growth and stricter immigration policy could leave more jobs than available workers.
By 2029, native-population growth is projected to halt, a shift Altig said could restrain job growth and add price pressure unless future AI-driven productivity gains eventually ease the economy's longer-term growth constraint.