Trigg said he was “battening down the hatches” and hoping that whatever is causing the situation will pass.<\/p>\n
But there are growing questions about whether the challenges he is facing could be here to stay.<\/p>\n
Last October the investment bank Goldman Sachs put out a report, which was widely cited, suggesting the US could be facing a new period of “jobless growth” thanks to the arrival of new technology and artificial intelligence (AI) in particular, allowing companies to do more with fewer workers.<\/p>\n
Concerns about the wider implications of such a change pulsed through discussions at the World Economic Forum in Davos last month and have contributed to widespread economic anxiety in the US.<\/p>\n
Economics professor Constantin Burgi of University College, Dublin, said a decoupling of job gains and wider growth – like the one the US is seeing today – often occurs when an economy goes through a structural shift, like the advent of AI.<\/p>\n
He noted while AI’s promise remains hotly debated, technology has also made outsourcing even easier.<\/p>\n
In Burgi’s view the situation is likely temporary \u2013 but that does not mean it will be short-lived.<\/p>\n
“It can be a couple of months but it can also be a couple of years,” he said. “If the jobs are really lost due to outsourcing or AI, then unless we find in a couple of years actually we still need those people and replacing them didn’t work, then those jobs are gone.”<\/p>\n","protected":false},"excerpt":{"rendered":"Trigg said he was “battening down the hatches” and hoping that whatever is causing the situation will pass.…\n","protected":false},"author":2,"featured_media":422713,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-422712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/422712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=422712"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/422712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/422713"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=422712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=422712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=422712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}