The Age of Gated Recessions¶
Aggregate economic indicators are obscuring a widening divide between those enjoying rapid income growth and those facing deteriorating job prospects. The rise of AI could deepen this disparity, with certain regions and workers experiencing recession-like conditions while others enjoy boom times.
ITHACA—Something strange is happening in the US labor market. The latest data released by the Bureau of Labor Statistics show that the US economylost 23,000 jobsin July, yet the unemployment rate actually fell to 4.1%. A closer look helps explain the apparent contradiction.