NEW YORK — Torsten Sløk, chief economist at Apollo Global Management, stated in 2026 that “there is zero evidence of job losses because of AI.” He cited ADP employment data to support his view that artificial intelligence is driving both job creation and inflation rather than reducing employment.
Sløk pointed to strong labor market indicators, suggesting that nonfarm payrolls in May 2026 could surpass the forecast of 95,000 new jobs. He attributed this trend to increased corporate spending on AI infrastructure, which he said is fueling demand for specialized labor and contributing to broader price pressures.
According to Sløk, the current economic pattern reflects the Jevons paradox, a phenomenon in which technological efficiency leads to higher consumption and, consequently, more human labor. He noted that data center construction has intensified demand for AI experts, pushing up wages and raising costs for semiconductors, equipment, and energy.
In a blog post, Sløk added, “Instead, many firms are hiring AI implementation experts.” His assessment contrasts with earlier concerns from tech executives. In 2025, Anthropic CEO Dario Amodei had warned that AI might eliminate half of all white-collar jobs, and OpenAI chief Sam Altman said entry-level roles were at risk from automation. However, by 2026, Altman appeared to moderate his stance, telling CNBC-TV18, “I don’t know what the exact percentage is, but there’s some AI washing where people are blaming AI for layoffs that they would otherwise do, and then there’s some real displacement by AI of different kinds of jobs.” He also said he was “delighted to be wrong” about AI’s negative employment impact.
Critics have challenged the narrative of widespread AI-driven job losses. Chris Martin, lead researcher on Glassdoor’s economic research team, said in 2026, “You’ll hear companies in these cases say they want to streamline, or remove layers of bureaucracy or management, or trim bloat. It’s companies that are doing well, but they’re deciding to boost profitability by removing some headcount.”
A 2026 Yale Budget Lab report concluded that fears of an AI-driven jobs wipeout are “largely speculative.” The National Bureau of Economic Research estimated that AI accounted for about 55,000 U.S. layoffs in 2025—4.5% of the year’s total. Firms like Klarna and Block cited AI in workforce reductions during 2023–2026.