Jobless Boom: AI Drives Economic Growth Amid Employment Stagnation

The U.S. job market sees minimal new hires despite steady economic growth driven by advances in artificial intelligence. Unemployment claims slightly rose, indicating persistent job scarcity. The GDP grew at an impressive 4.4% rate in Q3, mainly due to consumer spending and business investments, though middle-class families face economic uncertainty.

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.

(With inputs from agencies.)