Reply to The Great Freeze “job creation is pretty close to zero.”

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[quote=Anonymous]Federal Reserve Chair Jerome Powell drew a stark picture of a labor market that looks fine on the surface—4.3% unemployment, but is quietly losing momentum underneath. Once you adjust for statistical overcounting in the payroll data, job creation is pretty close to zero.

“Job creation is very low, and the job-finding rate for people who are unemployed is very low,” Powell said.

Strong investment but weak hiring. Powell said the economy increasingly resembles a K-shape, with higher-income households and large corporations benefiting from strong stock markets and AI-fueled productivity gains, while lower-income consumers pull back under the weight of rising costs.

CEOs are openly telling investors “AI allows them to do more with fewer people.”

U.S. employers have announced nearly 946,000 layoffs so far this year with more than 17,000 explicitly tied to AI and another 20,000 to automation.

Unemployment among recent college grads is 5%.

“We have upside risks to inflation, downside risks to employment, this is a very difficult thing for a central bank, because one of those calls for rates to be lower, one calls for rates to be higher.”

https://fortune.com/2025/10/30/jerome-powell-ai-bubble-jobs-unemployment-crisis-interest-rates/[/quote]

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