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Speech
Helping People and Communities Affected by Regional Economic Transitions 09.01.16 2016 Kentucky Summit on Philanthropy, The Kentucky Philanthropy Initiative, Lexington, Kentucky
I thank the Kentucky Philanthropy Initiative (KPI) for inviting me to be with you today, and for the great partnership KPI has forged with the Cleveland Fed as we work together to understand and find solutions to the economic challenges facing this region. I appreciate this opportunity not only to enjoy the beautiful bluegrass scenery but also to gather firsthand information about economic conditions in this part of the country. Yesterday I observed an electrical/fiber optic lineman training program at Hazard Community and Technical College and met with representatives of the Eastern Kentucky ...
Discussion Paper
Are Businesses Scaling Back Hiring Due to AI?
The swift advancement of artificial intelligence (AI) has sparked significant concern that this new technology will replace jobs and stifle hiring. To explore the effects of AI on employment, our August regional business surveys asked firms about their adoption of AI and if they had made any corresponding adjustments to their workforces. Businesses reported a notable increase in AI use over the past year, yet very few firms reported AI-induced layoffs. Indeed, for those already employed, our results indicate AI is more likely to result in retraining than job loss, similar to our findings from ...