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September 03, 2026
Partner, Chief Economist
There is still no evidence that AI is replacing workers: a new survey from the New York Fed carried out in August shows that 34% of service firms and 22% of manufacturers using AI are retraining staff, while only 4% and 0% report layoffs. This is consistent with our core view that AI is putting downward pressure on wages in AI-exposed occupations without a significant negative impact on employment. For more discussion see here.
Note: Firms were not asked whether they hired fewer workers in 2024. Sources: Federal Reserve Bank of New York, Regional Business Surveys (August 2024, 2025, 2026), Apollo Chief Economist
Note: Firms were not asked whether they hired fewer workers in 2024. Sources: Federal Reserve Bank of New York, Regional Business Surveys (August 2024, 2025, 2026), Apollo Chief Economist
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