Fed Beige Book ties AI productivity to slower hiring in 5 districts

According to the Beige Book released by the Federal Reserve on October 14, the use of AI by companies has led to a decrease in hiring in five districts. Some companies have reduced their staff purely due to employee turnover and others have chosen to put a hold on hiring or had fewer job openings. However, employment numbers have hardly change across the country. The worry, therefore, isn’t about massive job cuts, but about growth occurring with fewer job openings. Just because companies are experiencing a slowdown with hiring doesn’t mean they are laying people off.

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