What is the story about?
What's Happening?
Goldman Sachs research indicates that AI infrastructure spending has added $160 billion to the U.S. 'true GDP' since 2022, though only $45 billion is reflected in official statistics. This growth is largely invisible in standard measures despite significant investments by U.S. firms. Concurrently, long-term unemployment is rising, with over 1.9 million workers unemployed for 27 weeks or more, signaling a stagnating labor market. HR leaders are urged to address biases against candidates with employment gaps and invest in untapped talent lacking AI or tech skills. Additionally, Colossal Biosciences has raised $120 million to resurrect the extinct dodo bird, raising ESG concerns.
Why It's Important?
The AI-driven economic growth highlights the transformative potential of technology in boosting productivity and efficiency. However, the rise in long-term unemployment underscores challenges in the labor market, necessitating strategic HR interventions to leverage AI skills and address employment gaps. The de-extinction efforts by Colossal Biosciences introduce ethical considerations, as they may influence environmental policies and corporate sustainability practices. These developments reflect broader shifts in economic and workforce dynamics, emphasizing the need for balanced regulation and ethical frameworks in AI deployment.
What's Next?
As AI continues to drive economic growth, businesses and policymakers may need to develop strategies to measure and integrate AI-driven productivity gains into official economic statistics. HR leaders are likely to focus on creating inclusive hiring practices and upskilling programs to address long-term unemployment. The de-extinction efforts may prompt discussions on environmental trade-offs and sustainability, influencing corporate ESG strategies. Stakeholders will need to collaborate on establishing guidelines for responsible AI use and equitable access to its benefits.
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