Apollo Global Management’s chief economist, Torsten Sløk, stated there is “zero evidence of job losses because of AI,” pushing back against a wave of corporate layoffs attributed to the technology. In a blog post Friday, he pointed to the ADP National Employment Report as support for his view. His comments come as at least a dozen major companies have cited AI in their decision to cut workers this year, according to Business Insider.
Sløk’s argument hinges on the idea that AI is creating more jobs than it eliminates, at least in the near term. He noted that firms are actively hiring AI implementation experts and that the data center buildout is driving up salaries for specialists. “The bottom line is that the AI spending boom is stoking both employment and inflation,” he wrote. This echoes his April blog post where he claimed “cheaper inputs don’t shrink industries.”
Sløk cited the ADP report, which found that private sector hiring remained robust, though he did not provide specific figures from the report. He added that the push for AI talent is putting upward pressure on prices for semiconductors, equipment, and energy. The economist’s analysis contrasts with public statements from tech CEOs who have linked layoffs to AI adoption.
If Sløk is correct, the current wave of AI-related corporate restructuring may be overstated, and displacement fears could be premature. However, the disconnect between macroeconomic data and individual company actions suggests the labor market’s response to AI is still unfolding. Workers in roles most exposed to automation may face uncertainty even as aggregate employment holds steady.
The counterargument remains that job losses from AI are real but not yet visible in broad surveys. Layoffs at firms citing AI could be too small or recent to show up in monthly ADP data. The debate highlights the challenge of measuring AI’s impact on employment in real time.