Young people looking for work could be first AI casualty, says US Fed chair candidate | The Business скачать в хорошем качестве

Young people looking for work could be first AI casualty, says US Fed chair candidate | The Business

US economist Marc Sumerlin, who served under the George W. Bush administration and is now in the running to replace Jerome Powell as the chair of the US Federal Reserve, says graduates may be among the first to feel the impacts of businesses investing in AI. He says he's worried that companies that have previously invested in young people are now going to hold off and wait for their investments in AI to begin to show returns. That would drive up the unemployment rate for recent college graduates. And that would mean "before we get the good part of AI, we might get the bad part first, which is less hiring," he said. Marc Sumerlin says one of the biggest risks facing the US economy is the softening labour market. "We're very close to having no new jobs created," he said and that has to be foremost at the front for the US Fed. He says he's less concerned about inflation than most people, including tariff-induced inflation. He supports cutting rates by another 50 basis points and says he expects the new US Fed Chair will deliver those cuts once in office. Marc Sumerlin says he went through a two-hour interview with the Treasury Secretary for the position which he says covered 30 years of global macro history, and which he enjoyed. He expects the appointment will be announced by mid January. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook:   / abcnews.au   Follow ABC NEWS on Instagram:   / abcnews_au   Follow ABC NEWS on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia