On the Flying Bridge January 13, 2025
The near-term anxieties that AI is going to imminently displace millions of workers were set aside – at least for another month – when the employment data were released last week showing a surprising surge of 256k in U.S. payrolls leading the unemployment rate to drop from precisely 4.231% to 4.086%. Notwithstanding the (appropriate) obsession swirling around AI, worker productivity has been essentially flat for nearly 15 years in corporate America when measured on a revenue per employee basis. Is that about to change with the dramatic influx of capital into the AI sector? Recent trendline data suggest we may be at the knee of the curve.
This past quarter saw a dramatic spike in venture capital investment in the...
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