AI could be powering U.S. growth, but the job market hasn’t quite experienced the same lift, at least not yet.
The Bank of America Institute states that AI is responsible for giving the GDP a sizeable bump this year, adding nearly 1.3 percentage points in Q2 alone. That’s a huge swing for an economy that’s still shaky from early-year jitters.
The October 22 report credits AI-related capex for the expansion on track. The GDP rebounded 3.8% in Q2 following a relatively soft Q1, with small businesses joining the AI party, while tech payments rose 6.9% year over year in September.
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