Jobless Boom: AI Drives Economic Growth Amid Employment Stagnation

The U.S. job market continues to struggle with job scarcity, as reported by the Labor Department, underscoring a 'low-hiring, low-firing' environment. Despite this, recent data indicates steady economic growth driven primarily by consumer spending and business investments in artificial intelligence.

Initial unemployment claims rose by 1,000 to a seasonally adjusted 200,000 last week, reflecting a marginal increase in joblessness. Economists have noted that aggressive trade and immigration policies, alongside hefty investments in AI, contribute to the current employment climate.

The economy is experiencing a growth spurt, with GDP reported to have increased at a 4.4% annual rate in Q3. This robust growth, however, aligns with a trend where economic benefits are disproportionately enjoyed by higher-income households, leaving many middle-class families to question their economic future.