Apollo chief economist says there’s ‘zero evidence’ AI is killing jobs—in fact, he says it’s creating them

Apollo's chief economist Torsten Sløk argues that artificial intelligence will create jobs rather than eliminate them, contradicting the narrative used by many companies to justify recent layoffs. His position challenges the widespread assumption that AI adoption inevitably leads to net job losses across the economy.

Torsten Sløk's claim that AI creates rather than destroys jobs directly confronts a prevailing corporate narrative where technology serves as the justification for workforce reductions. This disagreement between executive action and economic analysis reveals a fundamental disconnect in how AI's labor market impact is understood and communicated. Sløk's assertion demands scrutiny because it contradicts observable patterns: numerous companies have explicitly tied their 2023-2024 layoffs to AI investments, suggesting at minimum a near-term displacement effect even if long-term job creation materializes.

Historically, technological revolutions do eventually create new job categories while eliminating others, but the transition period involves significant worker displacement and retraining challenges. The industrial revolution ultimately created more jobs than it destroyed, yet the weaving communities devastated by mechanical looms experienced genuine hardship. The crucial distinction between Sløk's macroeconomic perspective and workers' lived experience remains unaddressed in this claim.

For investors and market participants, this debate carries weight because AI's true labor market impact will influence consumer spending, productivity gains, and ultimately corporate profitability. If Sløk is correct, AI should drive sustained economic growth and justify current valuations. Conversely, if significant job displacement occurs without rapid retraining opportunities, consumer demand could contract, pressuring tech stock multiples.

The resolution likely involves nuance: AI will create net jobs eventually, but companies using AI now may capture disproportionate productivity gains while workers face transition costs. Monitoring actual employment data, wage trends in AI-exposed sectors, and retraining program effectiveness will clarify whether this optimistic view reflects economic reality.

• →Apollo's chief economist claims AI creates jobs rather than eliminates them, despite companies citing AI in recent layoff announcements
• →Historical precedent suggests technological disruption eventually generates more jobs, but transition periods involve significant worker displacement
• →The disconnect between macroeconomic optimism and corporate layoff justifications highlights timing mismatches in technology adoption
• →Investors should monitor employment data and wage trends in AI-exposed sectors to validate or refute job creation claims
• →The debate's outcome will materially affect consumer spending patterns and valuations of AI-driven companies