"New figures reveal that total payroll growth was revised downward by approximately 403,000 jobs. Crucially, this downward revision occurred while real GDP remained robust, including a 3.7 per cent growth rate in the fourth quarter. This decoupling — maintaining high output with significantly lower labour input — is the hallmark of productivity growth………..and I identified a cooling in entry-level hiring within AI-exposed sectors, where recruitment for junior roles………But there is cause for further optimism…..."
Optimism? It's worth bearing in mind that, as AI companies suck up hundreds of billions in cash and get their electricity costs subsidized, for them to succeed, humans with jobs must fail. They'll argue that's zero-sum thinking, and AI will create more jobs than it destroys, but how many people really believe them?
The AI productivity take-off is finally visible
New economic data suggests the US is transitioning to a phase of measurable gains from the technology
IIRC GDP also grew before the last two big market crashes. Bubbles exist. The thing about a cooling in specific sectors is interesting, though.
It has worked before. Who's still unhappy about the mechanical loom?
How many average workers ended up unemployed and in crippling poverty while the capital owners benefited from the mechanical loom? How much retraining and help into new industries occurred, as opposed to worker exploitation and increases in shareholder profit?
GDP growing while payroll shrinks is a very clear marker that ever fewer employees are being more and more exploited for corporate gain.
So what are you arguing? We should have stayed in the early 1700's, technologically? I'm going to go ahead and say that the progress that happened has made the world better now. Somehow, unemployment is still in the single percents most of the time, too.
(Plus, you're naming social systems that hadn't developed yet in the days of the Luddites)
I am pointing put a lot of people ended up worse off while capital hoarders benefitted from new technology, and it will happen again if we don't take it into account. The parasitic class has worked hard to dismantle the support systems of the workers they leech from and there is little to no forward planning on behalf of the same workers who will be displaced again. The economy is going to tank like it did then, allowing the parasites to amass a greater hoard and any benefits that trickle down to the regular citizens will have the same stale urine smell it always does.
Less pointing out, more assuming a conclusion and working backwards. You can do that, but only if your conclusion stands on it's own.
There were no support support systems to dismantle; they were all invented over the course of the next century, and built up over the 20th. The economy of 18th century Europe did not tank, but grew explosively into the 19th.