Barr: How Will Artificial Intelligence Impact Jobs and the Economy?

Remarks on the Economy and Monetary Policy

I'm grateful for the opportunity to address you today. Before delving into my primary subject, I'd like to offer some thoughts on the current state of the economy and the direction of monetary policy.

Just last week, new employment data was released, indicating that after a period of cooling last summer, the job market has begun to level off. This stabilization is taking place while the unemployment rate remains close to what many consider its sustainable, long-term average—a sign of a balanced economy.

However, it's important to note that both job creation and labor force growth have been minimal over the past year. With hiring and workforce expansion at very low levels, the labor market appears to be treading water.